Tanzania's CRDB Bank makes splendid performance

CRDB Bank posted a net profit of 38.57bn/- from its operations during the third quarter (July-September) of this year, up from 31.25bn/- recorded at the same period last year.

The bank described the performance as historic success. 

The bank’s cumulative profit for the nine months of this year surpassed the entire net earnings of last year by slightly less than 10bn/-.

The bank statement , for the group, reported to have generated net profit of 103.69bn/- which exceeded the last year net earnings by some 96bn/-. 

CRDB’s financial statement shows the profit was mainly attributed to net interest income that generated 275.58bn/- up to September compared to 198.38bn of similar period last year.

Revenue from net interest rise was attributed to the loans and advances that went up to 3.06tri/- in the months ended September compared to 2.91tri/- at the end of June.

The loan and advances portfolio increase was the results of escalating customers’ deposit that grew to 4.02tri/- in third quarter from 3.75tri/ of second quarter. 

The bank assets grew by 5.0 per cent to 5.27tri/- in quarter three to make CRDB one of the biggest bank in term of assets-or balance sheet.

On the other hand, non interest income also made some contribution after posting 131.93bn/- against 108.47bn/- of last September. The main contribution of non-interest income came from fees and commission that generated 106.42bn/- compared to 87.29bn/-.

Foreign currency dealings contribution rose by some 4.0bn/- to 24.59bn/-. The bank share at Dar es Salaam Stock Exchange closed the week at 385/-, but on year to date dropped by 13.15 per cent.

The share opened the year at 430/-. The report shows that basic earnings per share increased 40 per cent to the end of September compared to 33 per cent of the same period last year.

In general, the period under review, saw other key bank’s variables like assets, deposits, shareholders fund and expansion plan registering outstanding results. However, non-performing loans to total gross loans increased slightly by 0.1 percentage point to 7.0per cent.

The bank, which was founded in 1996, provides commercial banking services to individuals, small-to-medium sized businesses and large corporations.
Source: dailynews.co.tzDaily News, reported by Abduel Elinaza, from Dar es Salaam, Tanzania
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