CRDB Bank is bullish about 2019 prospects after posting a 78 per cent rise in net profit last year.<\/p>\n
The Managing Director Abdulmajid Nsekela said they were optimistic that they would improve on the results of last year when they posted a net profit of 64bn\/- up from 36bn\/- in 2017.<\/p>\n
The positive results from performance of last year have legitimately raised hopes of doing better this year as they would leverage on use of alternative channels, especially digital banking platform.<\/p>\n
\u201cThe bank\u2019s future looks bright\u2026very promising,\u201d Mr Nsekela told journalists over the weekend when presenting financial results for 2018. The bank deposits also rose by 8.0 per cent to 4.7bn\/- from 4.3bn\/-.<\/p>\n
The bank assets grew by 2.3 per cent to 6.03tri\/- from 5.9tri\/- in 2017. He said they expect to post another good performance in this year\u2019s first quarter which will give direction of the rest of the quarters.<\/p>\n
\u201cThe first quarter results are very promising so is the future of the bank. We\u2019ll post good results,\u201d Mr Nsekela said. The bank share plummeted to 125\/- last Friday from 150\/- of January.<\/p>\n
The good performance is expected to uplift the share prices as shareholders anticipate handsome dividend for this year. The bank offered 5\/- in 2017.<\/p>\n
According to Mr Nsekela, CRBD is now the third largest bank in the East African Community member states in terms of balance sheet. During the year, the lender in the country in terms of balance sheet, managed to lower non-performing loans to 8.2 per cent from 12.6 per cent.<\/p>\n
CRDB\u2019s NPLs were the lowest in comparison of the industrial average of over 11.0 per cent, though slightly high from the central bank benchmark of 5.0 per cent.<\/p>\n
He said they focus on using further digitalised financial services through banking agencies and simbanking especially in the areas where there are no brick and mortar branches.<\/p>\n
He said the Fahari Huduma agents have soared to over 5500 from 3500 units while the numbers of corporates using internet banking climbed to 87,000 meaning a few customers are using branches services.<\/p>\n
The bank is using its microfinance services unit to reach micro, small and medium enterprises (MSMEs) where last year it dished out some 440bn\/- accounting for 14 per cent of total loan book.<\/p>\n
\u201cWe are anticipating this year more loans will be extended to small, medium enterprises after restructuring our lending procedures and lowering interest,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
CRDB Bank is bullish about 2019 prospects after posting a 78 per cent rise in net profit last year. The Managing Director Abdulmajid Nsekela said they were optimistic that they would improve on the results of last year when they posted a net profit of 64bn\/- up from 36bn\/- in 2017. The positive results from […]<\/p>\n","protected":false},"author":84,"featured_media":316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[272,271],"class_list":["post-315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-crdb-bank","tag-nsekela"],"yoast_head":"\n