{"id":39937,"date":"2021-11-01T14:20:17","date_gmt":"2021-11-01T14:20:17","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=39937"},"modified":"2021-11-01T13:40:28","modified_gmt":"2021-11-01T13:40:28","slug":"crdb-doubles-profit-in-q3-to-238bn","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-doubles-profit-in-q3-to-238bn","title":{"rendered":"CRDB doubles profit in Q3 to 238bn\/-"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>CRDB Bank has recorded outstanding growth with its pretax profit rising by 40 per cent in this year’s quarter three.<\/p>\n

The lender’s profit before Tax (PBT) grew to 238bn\/- from 170bn\/- in similar quarter last year.<\/p>\n

CRDB Group Chief Executive Officer and Managing Director Abdulmajid Nsekela said their prudent approach to risk management and the efficacy of its digital-first customer-centric business strategy helped keep loan growth steady while still being able to moderate cost in the period.<\/p>\n

“We are focused on driving efficiencies while maintaining strong controls and we are confident of achieving the bank’s 2021 targets,” Mr Nsekela said on Sunday through a statement.<\/p>\n

The bank said its core consumer and commercial loan was strong in the quarter.<\/p>\n

Total loans stood at 4.6tri\/- at the close of the quarter, roughly a 22 per cent increase from the previous quarter. Credit quality in the quarter also remained good, with Non-Performing Loans (NPL) falling to historical level at 3.5per cent from 4.6 per cent.<\/p>\n

“[We have] recorded a remarkable growth across all performance indices, replicating the commendable performance in the first two quarters of the current fiscal year,” the CEO said.<\/p>\n

Profit after tax rose significantly by 39.2 per cent to 168bn\/- up from 120bn\/- recorded a year earlier, thus putting its annualised return on average equity for Q3 this year at 29.3 per cent compared to 20.9 per cent recorded in the similar period last year.<\/p>\n

“The growth was driven by increases in total revenues across all business segments,” Mr Nsekela said.<\/p>\n

Also the bank continues to maintain a solid balance sheet, with total assets of 8.1tri\/- a growth of 20.1 per cent over 6.8tri\/- recorded in the corresponding quarter of last year.<\/p>\n

The lender, listed on Dar es Salaam Stock Exchange (DSE), reaped handsomely from its digital-first strategy, where it has witnessed an increase in the number of its agent network in the period by over 18.5 per cent.<\/p>\n

The digital initiative pushed up the customer deposits by 20.2 per cent to 6.0tri\/- from 5.0tri\/- at the end of the last financial year.<\/p>\n

“Once again,” Mr Nsekela said, “the bank has shown resilience in delivering on its commitment to shareholders, stakeholders, and the investing public, evident in the strong positive financial metrics recorded in the reporting period.”<\/p>\n

The net interest income was up 11.1 per cent to 570bn\/- in the nine months, mirroring the improvements seen in the country’s economy as the government continues to implement Covid-19 response plan.<\/p>\n

Similarly, the non-interest income was up by 12.1 per cent to 229bn\/-, driven by the focus on the digital offering.<\/p>\n

CRDB Group Chief Financial Officer (CFO), Fredrick Nshekanabo, said “the shareholders’ funds remained very strong” at 1.1tri\/- up by 14.7 per cent from 974bn\/- recorded last year.<\/p>\n

“[Strong shareholders’ fund] reflecting a strong capacity of internal capital generation and growth,\u201d Mr Nshekanabo said.<\/p>\n

Additionally, the lender’s cost to income ratio improved to 55.6 per cent, while the Return on Average Assets (RoAE) increased to 5.5per cent, indicating a solid financial performance in Q3.<\/p>\n

“The performance reflects our progressive efforts in building on our robust balance sheet, strong customer base, and our people in delivering impressive earnings.”<\/p>\n

Speaking on the expectations for the rest of the year, Nshekanabo said adding:<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. CRDB Bank has recorded outstanding growth with its pretax profit rising by 40 per cent in this year’s quarter three. The lender’s profit before Tax (PBT) grew to 238bn\/- from 170bn\/- in similar quarter last year. CRDB Group Chief Executive Officer and Managing Director Abdulmajid Nsekela said their prudent approach to risk […]<\/p>\n","protected":false},"author":84,"featured_media":39936,"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-39937","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 doubles profit in Q3 to 238bn\/- Tanzania<\/title>\n<meta name=\"description\" content=\"CRDB Bank has recorded outstanding growth with its pretax profit rising by 40 per cent in this year's quarter three. 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