{"id":28166,"date":"2021-05-03T14:58:14","date_gmt":"2021-05-03T14:58:14","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=28166"},"modified":"2021-05-03T14:43:25","modified_gmt":"2021-05-03T14:43:25","slug":"crdb-profit-jumps-to-36pc-in-q1","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-jumps-to-36pc-in-q1","title":{"rendered":"CRDB profit jumps to 36pc in Q1"},"content":{"rendered":"

Africa-Press<\/a> – Tanzania<\/a>. <\/strong><\/span>CRDB Bank has reported an impressive performance after its pre-tax profit in quarter one jumped up by over 36 per cent, thanks to increase in interest and similar income.<\/p>\n

The bank posted a strong profit before tax (PAT) that went up to 62bn\/- in Q1 compared to 46bn\/- recorded the same period last year.<\/p>\n

CRDB\u2019s Managing Director and Group CEO, Abdulmajid Nsekela, attributed the upsurge in operating income and profit to the increase in interest and similar income.<\/p>\n

\u201cWe are off to a strong start in [this year] with impressive earnings for the first quarter,\u201d Mr Nsekela said in statement yesterday adding: \u201cThese exceptional results highlight our bank\u2019s unparalleled and coordinated effort to assist customers to achieve their financial goals through our innovative products and services.\u201d<\/p>\n

Non-interest income grew by 4.9 per cent to 69bn\/- compared to 66bn\/- recorded last year, while net interest income increased by 9.6 per cent to 184bn\/-from 168bn\/- recorded during the same period last year.<\/p>\n

The lender\u2019s profitability was also underpinned by a drop of non-performing loans (NPL) to 4.1per cent from 4.4per cent last year. \u201c[NPLs drop] reflecting a well-maintained loan quality portfolio by the giant,\u201d the CEO said.<\/p>\n

Also other key indicators namely customer deposits, net loans, and total assets continued to record growth in Q1. Total assets rose by 9.7per cent from 6.6tri\/- to 7.2tri\/-, customer deposits were up by 3.4 per cent from 5.1tri\/- to 5.3tri\/- whilst total loans grew by 13.7 per cent from 3.5tri\/- to 4.0tri\/- to cap the good outing by the top lender.<\/p>\n

Digital banking continued to gain traction after the launch of an enhanced SimBanking platform that enables customers to open a bank account wherever they are, cost-free.<\/p>\n

Mr Nsekela said, \u201cSimilarly, digital banking transactions have increased significantly during the quarter due to improved adoption by customers and new services migrated to our digital channels.\u201d<\/p>\n

Due to the bank\u2019s high performance and increased stability, the basic earnings per share for the Q1 improved to 16\/40 from 12\/40 reported for the same period of the previous year.<\/p>\n

Additionally, the return on equity increased to 16.7 per cent from 14.4 per cent, while the return on assets for the period under review was 3.5 per cent, indicating a solid financial performance in Q1.<\/p>\n

\u201cThe performance is balanced across all key indicators and shows that the strategies we are implementing are moving the Group in the right direction,\u201d Mr Nsekela said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. CRDB Bank has reported an impressive performance after its pre-tax profit in quarter one jumped up by over 36 per cent, thanks to increase in interest and similar income. The bank posted a strong profit before tax (PAT) that went up to 62bn\/- in Q1 compared to 46bn\/- recorded the same period […]<\/p>\n","protected":false},"author":84,"featured_media":28165,"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-28166","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 jumps to 36pc in Q1 - Tanzania<\/title>\n<meta name=\"description\" content=\"CRDB Bank has reported an impressive performance after its pre-tax profit in quarter one jumped up by over 36 per cent, ...\" \/>\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-jumps-to-36pc-in-q1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CRDB profit jumps to 36pc in Q1\" \/>\n<meta property=\"og:description\" content=\"CRDB Bank has reported an impressive performance after its pre-tax profit in quarter one jumped up by over 36 per cent, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-jumps-to-36pc-in-q1\" \/>\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=\"2021-05-03T14:58:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/05\/img-60900bf5e7463.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"587\" \/>\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-jumps-to-36pc-in-q1#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-jumps-to-36pc-in-q1\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CRDB profit jumps to 36pc in Q1\",\"datePublished\":\"2021-05-03T14:58:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-jumps-to-36pc-in-q1\"},\"wordCount\":418,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-jumps-to-36pc-in-q1#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/05\/img-60900bf5e7463.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-jumps-to-36pc-in-q1#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-jumps-to-36pc-in-q1\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-profit-jumps-to-36pc-in-q1\",\"name\":\"CRDB profit jumps to 36pc in Q1 - 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