Tanzania: CRDB Bank Profit Jumps By 98pc in First 2019 Half

Dar es Salaam — CRDB Bank Plc's profit for the first half of 2019 jumped by 98 per cent, fuelled largely by yields from its investment in government securities and forex dealings.

The bank's financial statements for the second quarter of the 2019 show that the bank's pre-tax income rose to Sh86.65 billion during the first half of 2019 compared to Sh43.85 billion that was recorded during a similar period in 2018.

The Bank's Chief executive officer, Abdulmajid Nsekela, said in Dar es Salaam yesterday that the financial results were an indication that the bank's focus on operational efficiency and sales optimisation was paying off.

"Our focus on operational efficiency and sales optimisation is paying off. We are witnessing a rebirth of CRDB Bank, buoyed by strong business fundamentals and a refined offering. As you can see, our earnings from foreign currency dealings have significantly increased, showing our commitment to serve each segment in the market," he said.

Mr Nsekela said the bank's continued pursuit for business excellence portended even greater financial performance in the second half of the year.

"Our focus is on the customer and this means that we are re-engineering our products and services to respond to the changing needs in marketplace," he said.

According to him, the Dar es Salaam Stock Exchange (DSE) listed bank had instituted internal reforms which were aimed at improving service delivery and optimising processes for an enhanced customer experience.

"We have reviewed critical areas of our operations and deployed a new business model that taps into the Bank's greatest strengths, while taking advantage of the opportunities in the market," he said.

CRDB Bank's balance sheet maintained its upward trend, with Group total assets appreciating by eight per cent to reach Sh6.38 trillion, up from Sh5.93 trillion reported in the first quarter of 2019. The Group's loan portfolio rose slightly to Sh3.18 trillion during the second quarter of 2019, from Sh3.16 trillion reported in the first quarter of 2019.

"Our total customer deposits increased by 15 per cent to Sh4.95 trillion from Sh4.32 trillion reported in quarter one of 2019 while net interest income increased by 30 per cent to reach Sh258 billion from Sh198 billion reported in June 2018," Mr Nsekela said.

He said CRDB Bank Group commands a 22 per cent market share of industry deposits.

See What Everyone is Watching

More From: Citizen

Don't Miss

AllAfrica publishes around 600 reports a day from more than 150 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.