Dar es Salaam, May 1 -- DAR ES SALAAM: TIB Development Bank has staged a significant financial turnaround last year rebounding into profitability from substantial losses incurred in the previous year, its audited financial statement showed.

The state-owned development bank moved from a pre-tax loss of 5.8bn/- in 2023 to a 672m/- profit in 2024 and from a post-tax loss of 7bn/- to 4bn/- profit, largely due to a substantial tax credit from prior year losses.

The rebound into profitability comes despite headwinds in key areas. While interest income inched up 0.6 per cent to 38.8bn/-, a sharp 26.2 per cent jump in interest expenses to 14.7bn/- squeezed the banks net interest income by 12.1 per cent to 24bn/- from 27.4bn/- in 2023.

The bank...