Tanzania: CRDB Bank’s Burundi unit posts first time 1.1bn/- profit

The CRDB Bank has said its Burundi subsidiary made 1.1bn/- profit from its operations during the year ended 2015, being its positive performance after three years.

The profit in Burundi was made despite political challenges currently being experienced in the central African country. 

The CRDB Bank Managing Director, Dr Charles Kimei (pictured), said the unit had managed to register a first profit earlier than anticipated.

“This is a good performance and it came earlier,” Dr Kimei said, adding “ I hope things (political challenges) will stabilise in the near future.” The CEO also said “even the Burundi government has put a lot of trust on us (CRDB).

They are using our services, which is a good sign.” The Burundi profit assisted to amplify further CRDB Bank’s profit jump last year and cemented its position as the biggest bank in terms of balance sheet and branch network.

The bank announced early this year that it has registered a profit increase of 46 per cent to slightly over 139bn/- for the Group compared to 95.64bn/- of 2014.

The bank’s net interest income generated mostly to the profitability after contributing 390.99bn/- last year from 276.18bn/- of 2014.

While, non interest income generated 180.32bn/- last year against 151.09bn/-of 2014, as fees and commissions contributing 143.96bn/-. CRDB Bank has 199 branches in Tanzania and Burundi, with 2,651 staff.

Its basic earnings per share climbed up to 53/- from 44/-. CRDB Bank share price rose by 1.27 per cent to 400/- at the close of the market last Friday.

Source: Daily News, reported from Dar es Salaam, Tanzania
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