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DCB Bank snaps losses to make 1.9bn/- profit in 2018

DCB Commercial Bank has moved to the profit making stance after posting 1.9bn/ - gross profit last year from a loss of 6.9bn/- in 2017, thanks to drastic measures that lowered operational costs and improved digital services.

“The move to review and improve the efficiency of the bank’s business operations was the major contributing factor to the outstanding performance,” DCB Commercial Bank Director of Finance, Zackaria Kapama said in Dar es Salaam yesterday.

He said the bank managed to cut down its operational costs to 16.9bn/ - last year from 21.2bn/- in 2017.

It increased the speed of debt collection accumulated as bad loans. He said during the year under review, the bank’s total loan offered was 65bn/- out of which 21bn/- extended and benefitting small scale entrepreneurs.

On his part, DCB Commercial Bank Chief Manager Commercial, Mr James Ngaluko said the improvement of its digital services increased efficiency and reduced operational costs and interest costs.

“Some of the digital services like DCB digital, DCB Kibubu digital account, DCB FDR digital account were introduced and customers could access through mobile phone,” he said.

He said the number of customers has gone up to 175,204 in 2018 compared to 144,475 in the year before contributing to increased number of banking transactions.

This makes the bank among five banks out of 58 with more than 100,000 customers. He said the process to beef the bank’s capital through rights issue will be closed tomorrow targeting to raise 8.9bn/ -.

The shares were sold to both existing and new investors at a discount price of 265/- per share which is 22 per cent discount.

The main objective was sell 33,913 ,948 new shares through the right issue to raise 8.9bn /- that will propel the bank’s paid up capital from the current 16.9bn/ - to 25.8bn/ -.

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