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Etats Financiers 2018 BOA-TANZANIA

BANK OF AFRICA - TANZANIA (BOA-TANZANIA) recorded a pre-tax loss of TZS 8.4 billion (2017: Profit of TZS 4.9 billion) during the year ended 31 December 2018. Profit after tax (PAT) decreased from TZS 3.2 billion to a
loss of TZS 6.1 billion. This decline was attributed to increase in impairment charge on loans and advances and a decline in interest income on loans & advances.
Impairment charges on loans and advances during the year amounted to TZS 15.6 billion being almost twofold increase from the TZS 8.3 billion charged in 2017. One of the reason for this increase in loan impairment is the fact that during the year, the Bank adopted for the first time IFRS 9 – an accounting standard which has introduced changes in impairment provisioning model. The new
provisioning model, necessitates entities to make impairment provisioning assessment even for loans which have not shown objective evidence of impairment.

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