The nine-month profit surpassed last
year’s full profit of by slightly less than 100bn/-. The profit has
increased the bank’s share demand at Dar es Salaam Stock Exchange (DSE)
as over 89 per cent of the shares sold at the bourse last week were from
CRDB. The bank attributed the group profit to net income revenue that
went up to 275.58bn/- of September compared to 198.38bn/- of same period
last year.
The net income interest was the outcome
of loans and advances portfolio that grew to 3.06tri/- in three months
ending September. At the end of June the portfolio was 2.91tri/-.
The loans portfolio growth was helped by
deposits that also increased to 4.02tri/- at September from 3.75tri/-
at June. The non-interest income also contributed significantly to the
record profit after generating 131.93bn/- from 108.47bn/-, the big slice
of 106.42bn/- came from commission and fees. The bank’s total assets
grew by 7.0 per cent to 5.27tri/- at the end of third quarter of this
year from 5.01tri/- of second quarter.
CRDB is still haunted by non-performing
loans as the ratio increased slightly to 7.0 per cent from6.8 per cent,
thus rising bad debt allocation to 35.2bn/- from 20.8bn/-. Mid this year
the Bank announced that its ability to lend had reached 150bn/- to a
single customer thanks to the over 600bn/- capital base.
The amount follows a successful rights
issue that saw the bank mobilise extra capital after selling its 435
million shares to realise 152bn/-. With that ability the bank is
considering to open subsidiaries in Zambia and in the Democratic
Republic of Congo (DRC) next year.
CRDB is the largest bank in Tanzania in terms of balance sheet and has 162 branch networks in the country and four in Burundi
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