{"id":17488,"date":"2020-10-27T19:25:38","date_gmt":"2020-10-27T19:25:38","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=17488"},"modified":"2020-10-27T19:25:38","modified_gmt":"2020-10-27T19:25:38","slug":"crdb-posts-31-pc-after-tax-profit-rise","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/crdb-posts-31-pc-after-tax-profit-rise","title":{"rendered":"CRDB POSTS 31 PC AFTER TAX PROFIT RISE"},"content":{"rendered":"

AfricaPress-Tanzania:<\/strong> CRDB Bank has reported 31 per cent after-tax profit year-on-year to September, signalling a return on vibrancy in the market. The banking sector growth was partially impacted by disruption occasioned by Covid-19, and the bank\u2019s profit rise shows rebound in the market.<\/p>\n

The CRBD Group CEO and Managing Director, Abdulmajid Nsekela attributed the sustained positive growth to proactive strategies that have steered the lender in the wake of an unprecedented pandemic that has adversely impacted various sectors of the economy.<\/p>\n

\u201cWe have not relented in our quest to pursue economic transformation because we know that despite the challenges in the market, our resilience is what will make the difference,\u201d Mr Nsekela said.<\/p>\n

During the quarter, the Group after-tax profit jumped 31 per cent to 120bn\/- compared to 92bn\/- reported in the same quarter last year.<\/p>\n

The jump, according to the bank\u2019s statement, was mainly driven by the increased interest income as a result of growth in the loan portfolio, non-funded income\u2014such as debt and equity\u2014and cost containment.<\/p>\n

The interest income for the quarter was 513bn\/- compared to 478bn\/- reported in the third quarter in 2019. The Group\u2019s total loan portfolio grew by 15 per cent to 3.7tri\/- from 3.3tri\/- reported in the same period last year.<\/p>\n

Mr Nsekela reckoned that the Group\u2019s decision to support its customers during the pandemic implied the adoption of innovative solutions for customer, which has returned good tidings.<\/p>\n

\u201cWe have elevated our interactions with customers and accelerated our digital offering, supported by a robust system infrastructure, which has ensured service availability and seamless integrations,\u201d he explained.<\/p>\n

The CEO said lender\u2019s key performance indicators remained steady with positive growth of the balance sheet, generally characterised by improved incomes.<\/p>\n

Total income grew by 11 per cent quarter-on-quarter from 202bn\/- to 225bn\/-, attributed to a gradual recovery in revenue generation following the Covid-19 outbreak.<\/p>\n

\u201cWe managed to achieve a delicate balance between sustaining our business, scaling capacity, and helping customers \u2013 particularly SMEs \u2013 stay afloat as they try to manage their cash flow in the face of supply chain challenges and, decreased customer demand,\u201d Nsekela explains.<\/p>\n

CRDB\u2019s Group Chief Financial Officer (CFO), Frederick Nshekanabo, attributes the improved cost-to-income ratio (CIR) to a raft of cost management initiatives, which have been adopted in line with the strategic direction towards sustainability.<\/p>\n

\u201cWe have a particular focus on cost efficiency and employee productivity, which we reckon have a net impact on our long-term growth,\u201d Mr Nshekanabo said.<\/p>\n

The Group also maintained a healthy loan book with an improved Non-performing Loans (NPLs) ratio brought it down to 4.7 per cent from 7.5 per cent reported in the same period in last year.<\/p>\n

Cumulative Return on Equity (ROE) improved by 1.9 per cent to 17.3 per cent from 15.4 per cent reported in 2019. Return on Assets (ROA) improved marginally to 3.4 per cent from 2.9 per cent reported in the previous year.<\/p>\n

\u201cWe are proactively working to improve productivity across the network and creating cost efficiencies within our operations,\u201d Mr Nshekanabo added.<\/p>\n

The impressive performance comes against the backdrop of an improved business environment, following the easing of travel restrictions in many parts of the world, which the lender believes will accelerate recovery especially for the most affected sectors of the economy.<\/p>\n

CRDB, listed on Dar es Salaam Stock Exchange (DSE), share went up by 3.13 per cent to 165\/-. The results may push further the share price up.<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-Tanzania: CRDB Bank has reported 31 per cent after-tax profit year-on-year to September, signalling a return on vibrancy in the market. The banking sector growth was partially impacted by disruption occasioned by Covid-19, and the bank\u2019s profit rise shows rebound in the market. The CRBD Group CEO and Managing Director, Abdulmajid Nsekela attributed the sustained […]<\/p>\n","protected":false},"author":84,"featured_media":17470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[277,272,6379],"class_list":["post-17488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-abdulmajid-nsekela","tag-crdb-bank","tag-frederick-nshekanabo"],"yoast_head":"\nCRDB POSTS 31 PC AFTER TAX PROFIT RISE - Tanzania<\/title>\n<meta name=\"description\" content=\"CRDB Bank has reported 31 per cent after-tax profit year-on-year to September, signalling a return on vibrancy in the market. 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