{"id":27042,"date":"2021-04-15T16:53:05","date_gmt":"2021-04-15T16:53:05","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=27042"},"modified":"2021-04-15T16:06:17","modified_gmt":"2021-04-15T16:06:17","slug":"crdb-profit-in-historic-high-despite-covid-19","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19","title":{"rendered":"CRDB profit in historic high despite Covid-19"},"content":{"rendered":"

Africa-Press<\/a> – Tanzania<\/a>. <\/strong><\/span>CRDB Banks\u2019s pre-tax profit has jumped up by 35 per cent, affirming the lender\u2019s acclaimed potential, which continues to manifest amid raging stiff competition.<\/p>\n

The largest financial services provider\u2019s pre-tax profit increased to 23 6bn\/- last year from 175bn\/- reported in 2019. CRDB Group CEO and Managing Director Abdulmajid Nsekela attributed the sustained performance to on-going transformations that have \u201cunlocked the bank\u2019s abilities\u201d, leveraging a solid customer base and a favourable business environment.<\/p>\n

\u201cDespite the Covid-19 disruption, we delivered a strong balance sheet underlined by strong growth in both our net interest and non-funded incomes.<\/p>\n

We recovered in areas that had exhibited weakness in the course of the year, thanks to an adaptive strategy and timely interventions,\u201d Mr Nsekela said.<\/p>\n

Over the past two years, CRDB\u2019s performance has strengthened on the back of strategic reforms, which continue to change the G roup\u2019s fortunes to the delight of its shareholders.<\/p>\n

The G roup\u2019s income, the CEO said improved significantly despite a slowdown in the economy because of the Covid-19. Year-on-Year (YoY), the Group operating income registered a 10.4 per cent growth at 8 54bn\/- from 774bn\/- reported in the previous year while noninterest income increased by 13 per cent to 28 4bn\/- from 252bn\/- in 2019.<\/p>\n

Customer deposits grew marginally by 4 per cent to 5.4tri\/-, representing upward movement from 5.2tri\/- reported in previous year.<\/p>\n

\u201cThe disruption of business dented our customers\u2019 pockets as many reprioritised their expenditures in the wake of the Covid-19 pandemic,\u201d Mr Nsekela said.<\/p>\n

The Group\u2019s profitability was further bolstered by its two subsidiaries, which contributed 7.0 per cent of the overall profit after tax.<\/p>\n

CRDB Burundi performed particularly well, leveraging stable macros and aggressive sales despite the local challenges in Burundi.<\/p>\n

The Burundi subsidiary profit grew by 75 per cent from 6.4bn\/- to 11.2bn\/- while the CRDB Insurance Broker posted a profit growth by 140 per cent to 3 .6bn\/-.<\/p>\n

\u201cOur strategy to support customers during the pandemic played a major role because it allowed us to realign our plans and adapt to the changing situations,\u201d the CEO said.<\/p>\n

Group loans and advances grew by 16 per cent to 3.9 tri\/- compared to 3.4tri\/- in 2019. CRDB\u2019s Chief Financial Officer, Fredrick Nshekanabo, said they managed to keep a healthy loan book maintaining a good asset quality despite the challenges their customers faced.<\/p>\n

\u201cWe continue to monitor and work closely with our customers in sectors affected with the pandemic,\u201d Nshekanabo assures.<\/p>\n

The lender\u2019s Non-Performing Loans (NPL) closed at 4.4 per cent from 5.5 per cent reported in 2019. The NPL was below the industry benchmark of 5.0 per cent.<\/p>\n

The Group\u2019s assets grew by 9.0 per cent to 7.2tri\/- maintaining the CRDB\u2019s leading position as the largest financial entity by asset base.<\/p>\n

As at the end of the 2019, CRDB had a combined asset base of 6.6tri\/-, which translated to a 23 per cent market share<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. CRDB Banks\u2019s pre-tax profit has jumped up by 35 per cent, affirming the lender\u2019s acclaimed potential, which continues to manifest amid raging stiff competition. The largest financial services provider\u2019s pre-tax profit increased to 23 6bn\/- last year from 175bn\/- reported in 2019. CRDB Group CEO and Managing Director Abdulmajid Nsekela attributed the […]<\/p>\n","protected":false},"author":84,"featured_media":27041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6990,6991,711],"class_list":["post-27042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nCRDB profit in historic high despite Covid-19 - Tanzania<\/title>\n<meta name=\"description\" content=\"CRDB Banks\u2019s pre-tax profit has jumped up by 35 per cent, affirming the lender\u2019s acclaimed potential, which continues to ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CRDB profit in historic high despite Covid-19\" \/>\n<meta property=\"og:description\" content=\"CRDB Banks\u2019s pre-tax profit has jumped up by 35 per cent, affirming the lender\u2019s acclaimed potential, which continues to ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-15T16:53:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/04\/img-6078645d8fe21.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"411\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CRDB profit in historic high despite Covid-19\",\"datePublished\":\"2021-04-15T16:53:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19\"},\"wordCount\":493,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/04\/img-6078645d8fe21.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"tanzania\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19\",\"name\":\"CRDB profit in historic high despite Covid-19 - Tanzania\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/04\/img-6078645d8fe21.jpg\",\"datePublished\":\"2021-04-15T16:53:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"CRDB Banks\u2019s pre-tax profit has jumped up by 35 per cent, affirming the lender\u2019s acclaimed potential, which continues to ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/04\/img-6078645d8fe21.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/04\/img-6078645d8fe21.jpg\",\"width\":720,\"height\":411,\"caption\":\"CRDB profit in historic high despite Covid-19\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/tanzania\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CRDB profit in historic high despite Covid-19\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#website\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/\",\"name\":\"Tanzania\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/tanzania\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"CRDB profit in historic high despite Covid-19 - Tanzania","description":"CRDB Banks\u2019s pre-tax profit has jumped up by 35 per cent, affirming the lender\u2019s acclaimed potential, which continues to ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19","og_locale":"en_US","og_type":"article","og_title":"CRDB profit in historic high despite Covid-19","og_description":"CRDB Banks\u2019s pre-tax profit has jumped up by 35 per cent, affirming the lender\u2019s acclaimed potential, which continues to ...","og_url":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19","og_site_name":"Tanzania","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2021-04-15T16:53:05+00:00","og_image":[{"width":720,"height":411,"url":"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/04\/img-6078645d8fe21.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"CRDB profit in historic high despite Covid-19","datePublished":"2021-04-15T16:53:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19"},"wordCount":493,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/04\/img-6078645d8fe21.jpg","keywords":["Africa Press","Africa Press-Tanzania","tanzania"],"articleSection":["all news","Economy","homepage-english","twitter"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19","url":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19","name":"CRDB profit in historic high despite Covid-19 - Tanzania","isPartOf":{"@id":"https:\/\/www.africa-press.net\/tanzania\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/04\/img-6078645d8fe21.jpg","datePublished":"2021-04-15T16:53:05+00:00","author":{"@id":"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"CRDB Banks\u2019s pre-tax profit has jumped up by 35 per cent, affirming the lender\u2019s acclaimed potential, which continues to ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#primaryimage","url":"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/04\/img-6078645d8fe21.jpg","contentUrl":"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/04\/img-6078645d8fe21.jpg","width":720,"height":411,"caption":"CRDB profit in historic high despite Covid-19"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-in-historic-high-despite-covid-19#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/tanzania\/"},{"@type":"ListItem","position":2,"name":"CRDB profit in historic high despite Covid-19"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/tanzania\/#website","url":"https:\/\/www.africa-press.net\/tanzania\/","name":"Tanzania","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/tanzania\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/posts\/27042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/comments?post=27042"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/posts\/27042\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/media\/27041"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/media?parent=27042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/categories?post=27042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/tags?post=27042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}