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CRDB approves 30pc dividend increase

CRDB approves 30pc dividend increase

CRDB Bank shareholders have approved a 30per cent dividend increase after a superb profit despite coronavirus pandemic challenges last year.

The dividend has increased from 17/- in 2019 to 22/- last year, after one of the leading lenders, posting a 37.5 per cent in net profit raise.

The shareholders who met in Arusha last Saturday approved the 57.46bn/- compared to 44.4bn/- issued in 2019 for the dividend.

CRDB Chairman Ally Laay said with significant profit growth last year, the board recommended the 22/- per share as dividend but subjected to shareholders approval.

“Shareholders have trusted us by investing in our shares with the expectation that they will get competitive returns,” Dr Laay told the AGM.

The Chairman said the bank stellar performance last year based on the swift action taken by the lender’s management coupled with the Bank of Tanzania intervention to yield positive results amid Covid-19 challenges.

CRDB Group made a robust performance after posting a net profit of 165.2bn/- last year compared to 120.1bn/- in 2019.

CRDB Group CEO and Managing Director Mr Abdulmajid Nsekela said they made tremendous gains last year leveraging emerging opportunities in the marketplace.

“We proactively embraced the charging situations and quickly adapted to the new normal,” Mr Nsekela said.

The bank said the year on year growth of 37.5 per cent was driven by net interest and non-funded incomes, plus their subsidiaries, which contributed 9.0per cent of total Group profit.

Burundi subsidiary profit after tax grew 75 per cent from 6.4bn/- to 11.2bn/- last year while its NPLs were at 4.4 per cent.

On other hand, CRDB Insurance Broker Company recorded a 143 per cent profit increase to 3.6bn/-.

“Our transformation efforts continue to yield good tidings, even as we upscale our service delivery through our digital channels, “ Mr Nsekela said adding 87 per cent of the bank transactions are conducted outside brick and mortar branches.

The lender Chief Financial Officer, Mr Frederick Nshekanabo said last year growth demonstrated results of the successful implementation of their five years business plan and intervention during the crisis period.

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Author: ABDUEL ELINAZA

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