Tanzania, Jan. 31 -- Dar es Salaam. Shareholders in commercial banks look set to rake in more through dividends, thanks to a massive rise in lenders' profits during the 2023 calendar year.

An analysis of data from various lenders that had released their financial statements by Tuesday (January 30, 2024) shows that the industry registered about Sh400 billion more in profits in 2023 compared to 2022.

The analysis, which involved 12 of the 13 first-tier banks and eight more in the middle ranks, indicates that banks registered over Sh1.5 trillion in profits before tax last year compared to about Sh1.1 trillion in 2022.

The money came mostly from the funded (interest) income stream even as rapid advancement and deployment of banking technol...