During the year 2020, TMRC record a commanding profit before tax on account of maintaining a good investment portfolio and effective cost management. The Company recorded a profit before tax of TZS 2.76 billion (2019: TZS 1.01 billion), an increase of 174.2% compared to previous year. The increase was mainly attributed by creation of good investment portfolio as well as effective cost management.
Interest income increased during the year from TZS 16.9 billion in the prior year to TZS 19.7 billion, an increase of 16.4%.
TMRC balance sheet size declined during the year to TZS 187.6 billion from TZS 201.3 billion recorded in 2019, a decline of 6.8% (2019: An increase of 32%) attributed to prepayment of loans which resulted to decline on loan portfolio by 9.6% to TZS 135.9 billion from TZS 150.3 billion.
Results for the year summary;-
TZS '000 TZS '000
Profit before tax 2,763,458 1,009,057
Tax charge (737,590) (414,384)
Profit for the year 2,025,868 594,674