Burundi: CRDB's Burundi Posts Highest Profit in 8-Year

CRDB Bank Burundi profit after tax has posted the highest profit since it was established eight years ago backed by customer deposits and earnings from government securities.

The profit after tax, for last financial year, jumped 146 per cent to 6.4bn/- buoyed by growth in customer deposits and improved earnings from government securities.

CRDB Group CEO and Managing Director, Mr Abdulmajid Nsekela, said the profit was the highest ever since the overseas subsidiary in the neighbouring state of Burundi.

"This is the highest ever profit that the subsidiary has posted since it was established in 2012," Mr Nsekela said during the virtual AGM last Saturday.

The Burundi is the first cross-border subsidiary for the bank which is a part of the regional expansion plan in East Africa.

CRDB Group also comprises of CRDB Bank Insurance Brokerage, a top-tier insurance brokerage service provider, recorded a 17 per cent growth in net profit to 1.5bn/-from 1.3bn/-posted in 2018.

Total income generated by the insurance subsidiary stood at 7.8bn/-representing 26 per cent growth, compared to 6.2bn/-reported in the previous year.

"The growth was mainly driven by a rise in the uptake of insurance products mainly in medical care, education and tourism," Mr Nsekela said in a statement.

Also the Pan-African bank plans to open a subsidiary in DRC.

The lender is the first bank in the country to be rated amongst the top ten stable and safer to invest African banks by the world's most respected rating agency, Moody's Investors Services.

Moody's rated CRDB Bank with a "B1 stable outlook" which is the highest rating to have been acquired by banks or financial institutions in Sub Saharan Africa.

CRDB provides unmatched convenience in Tanzania and Burundi serving more than 3 million customers with a large footprint of 237 branches, over 12,000 CRDB Wakala, 537 ATMs, and over 1,200 merchants.

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