CRDB Bank reports 96bn/- net profit

CRDB Bank has reported impressive financial results after posting 13.4 per cent net profit growth that reached 95.64bn/- for the quarter ended December 31, 2014, up from 84.37bn/- for the similar period a year earlier.

The period under review, according to the audited financial statements published on Tuesday, saw other key bank’s variables like assets, deposits, shareholders fund and expansion plan registering outstanding results.

Apart from the outstanding profitability, the bank has proved to be one of the big employers in the banking industry after increasing the number of employees to 2,387 in the quarter under review from 2,158 in 2013.

Also during the period, the basic earnings per share and diluted earnings per share increased to 43.9 from 38.8 respectively, while the number of branches jumped to 123 from 103 in the quarter ended 2013.

The bank’s financial results revealed the increase of shareholders fund by 17.4 per cent to 441.15bn/- compared to 375.75bn/- registered in the corresponding quarter a year before, which is good news for shareholders to smile.

Among the contributing factor of the bank’s profitability was the increase of net interest income to 376.18bn/- for the quarter ended December 2014 up from 235.60bn/- posted on the similar period in 2013.

During the period, loans and advances to total assets increased by 75 per cent compared to 72 per cent, a year earlier. Also gross loans and advances to total deposits rose by 76 per cent from 67 per cent in the quarter expired in December 2013.

The bank disbursed 2.54tri/- in loans, advances and overdrafts compared to 1.99tri/- in the period ended December 2013. In terms of deposits, the bank managed to increase them by 12.1 per cent to 3.39tri/- compared to 3.02tri/- while assets shoot by 18.3 per cent to 4.21tri/- from 3.55tri/-.

Similarly, one of the commendable achievements during the period was the reduction of non performing loans to total gross loans to 5 per cent, the standard of the banking industry, from 6 per cent.

The bank’s agent network grew to 1,067 agents in 2014 from only 491 in 2013 while microfinance institutions increased to 469 from 411. During the year, 20 branches including two in Burundi were opened.

Also customers using SimBanking increased to one million with more than nine million transactions valued 451bn/-. Similarly, a total of 18 million transactions worth 2.24tri/- were recorded from one million cards issued. From 374 ATMs, 18 million transactions registered worth 2.20tri/-.
Source: Daily News reported from Dar es Salaam, Tanzania
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