CRDB Bank Managing Director Dr. Charles Kimei briefing the media about the Bank`s financial performance for the year 2016 in his office in Dar es Salaam recently. He is flanked by the Bank`s secretary Mr. John Rugambo.
Dar es Salaam, Tanzania, April 13, 2017 - Tanzania’s leading bank, CRDB Bank PLC has recorded an impressive pre-tax profit of TShs. 118.2 billion for the year 2016. The Bank`s steady performance comes despite what can be described as a difficult year, specifically the final quarter of the particular business year. Three main pillars have driven the profit namely: Superior Customer Service, innovative products and improved efficiencies. CRDB Bank Plc Managing Director, Dr. Charles Kimei attributed the impressive performance to the ‘stable foreign exchange related income, growth in net interest income and fees and commissions coupled with strong cost management’.
“Our interest income grew by 14% to TZS 568.2 billion from TZS 497.4 billion while the net interest income rose to TZS 432.1billion in FY 2016 compared to TZS 390.6 billion recorded in FY 2015 which is an increase of 11%”. Also our fees and commissions income grew by 3.8% to TZS 154.5 billion in 2016 from TZS 148.9 billion in 2015” said Dr. Kimei.
Dr. Kimei also noted that the bank remains steadfast in implementing activities aimed at ensuring growth in digital banking channels of services through mobile phones (SimBanking) and through the internet (Internet Banking). “The Bank will also continue to put more effort in the retail (personal, retail, microenterprises and SMEs) business” said Dr. Kimei.
Summary of Financial Performance for the year 2016
- Net Interest Income growth of 11% to reach TZS 432.1 billion compared to TZS 390.6 billion recorded during the year 2015.
- Total assets grew to TZS 5,415.7 billion from TZS 5,407.8 billion
- Slight decrease in Total deposit from TZS 4,246.2 billion to TZS4,109.9 billion
- The Group made a profit pre- tax of TZS 118.2 billion compared to TZS 187.7 billion recorded during the year 2015. The Group profit was impacted by strong provisions from NPL to align with changing regulatory requirements and anticipated implementation of IFRS in 2018.
- Employment grew by 21% to reach a total of 3,196 staff
- 76 new branches and outlets were opened to reach a total of 250 branches from 199 branches in the previous year.
Other Key Highlights
- The year 2016 marked the Bank’s 20th Anniversary.
- Core banking system upgrade was successfully implemented in May 2016.
- Establishment of Insurance Brokerage Company Ltd.
- Implemented SME credit rating model.
- Development of M-Wallet (mobile money Wallet) to extend banking services through mobile phones to the unbanked population.
- Extended card usage campaign for Tembocard Visa/MasterCard/CPU to promote cashless economic transactions.
- Bank invested heavily in expansion of its network - 76 new branches/service centers and other outlets were opened and 58 additional ATMs installed and 850 new FahariHuduma agents (to reach 2,558 agents).
- Automation of loan origination workflow to improve quality of credit appraisal process
- The Bank completed rating by Moody's and for the first time an entity in Tanzania is rated B1
- Upgrade of Centralized back office workflow system
CRDB Bank received 8 awards in different categories.
- Africa Business Leadership Excellency Awards - African Leadership Awards, New York 2016. (Courtesy: African Leadership Magazine).
- Best Retail Bank Tanzania – Banker Africa – East Africa Awards 2016.
- The Best East African Bank of the year – African Banker Awards (AfDB Awards 2016).
- Best Commercial Bank Tanzania – International Banker Awards 2016.
- Best Innovation in Retail Banking Tanzania – International Banker Awards 2016.
- Best Local Trade Finance in Tanzania – Global Trade Review (GTR)
- Certificate of Appreciation on financial contribution – Women’s Economic Empowerment Forum (WEEF) – The United Republic of Tanzania, Vice President’s Office.
CEO – CRDB Bank PLC
- Top Individual Award ‘East African Banker Lifetime Achievement’ – Banker Africa – East Africa Awards 2016.
- Best Enterprise in Banking in Burundi - Manager of the Year – European- Business Assembly UK 2016.
About CRDB PLC
CRDB Bank Plc is a leading, wholly-owned private commercial bank in Tanzania. The Bank was established in 1996 and has grown and prospered over the years to become the most innovative, first choice, and trusted bank in the country. CRDB Bank has been recording progressive profit every year since its foundation and has paid dividends annually. The Bank reached an important milestone recently and was listed on the Dar es Salaam Stock Exchange on 17th of June, 2009.
CRDB Bank offers a comprehensive range of Corporate, Retail, Business, Treasury, Premier, and wholesale microfinance services through a network of over 85 branches, 250 ATMs, 15 Depository ATMs, 12 Mobile branches, 900 Point of Sales (POS) terminals and scores of Microfinance partners’ institutions and 2,000 Fahari Huduma agents. The Bank also operates through Internet and Mobile banking services.
For More information, please contact:
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