CRDB ‘salivates’ over unfolding rosy economic outlook

Dr Kimei
CRDB Bank said on Thursday it targets to increase net profit by two fold against 80.5bn/- made last year, as the economic outlook seems rosy. 

The bank with stellar performance in 2012, aims to maintain the trend in the next five years on the back of good economic outlook and expansion of its footprint in the East African region.

Tanzania’s GDP  is estimated to grow by 6.8 per cent this year. 

“The group’s focus in the coming year is on expanding delivery channels through traditional and e-channels to provide services conveniently,” CRDB’s Managing Director (MD), Dr Charles Kimei said. 

The MD said the Burundi outlet is projected to contribute between three and five per cent of net income in this year. After just a month it has attracted 1.12b/- in terms of deposits.

The goals, according to the bank, include cost management, optimised ICT investment expanding outreach locally and regionally and cutting down non-performance loans ratio to less than 5 per cent. 

Dr Kimei told the bank’s investors and analysts at a news conference yesterday, when presenting last year financial results, that NPLs have been reduced substantially to 6.8 per cent from 9.1 per cent.

“The reduction of NPLs has enabled us to increases our profitability level last year,” The MD said. 

The CRDB’s assets has grown by 13.3 per cent to 3.07tr/-, to push further its first position in the market. The bank deposits also went up by 7.6 per cent to 2.59tr/-, but said they missed the target.
Source: The Daily News, www.dailynews.co.tz, reported from Dar es Salaam
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