DCB gives out 1.55bn/- dividend to shareholders

DAILY NEWS Reporter

DCB Bank Chief Executive Officer, Mr Edmund Mkwawa.

THE DCB Commercial Bank Plc issued a 1.55bn/- dividend to its shareholders as it opened its ninth branch in Dar es Salaam to be known as Benjamin Mkapa City Branch.

Speaking during a launching of the branch, the bank Chief Executive Officer, Mr Edmund Mkwawa, said the dividend is the profit the bank got last year. Some of the shareholders who got the dividend include the Dar es Salaam City Council, Temeke, Kinondoni and Ilala municipalities.

Mr Mkwawa said the bank capital stands at 32bn/- compared to initial capital of 1.1bn/- when the bank started in 2002. Moreover, the bank assets increased from 3.05bn/- in 2006 to 171.4bn/- last year which is a raise of more than 5,622 per cent.

He said this year they expect to record a 6.8bn/- profit after tax while they are improving their infrastructure to cope with the current market needs.

Mr Mkwawa urged the Minister of State in the President’s Office -Regional Administration, Local Government, who was the chief guest during the event to pass over the message to the Minister for Finance over the government decision that all parastatals, government agencies and institutions to open an account with the Bank of Tanzania saying the decision will hinder the private bank development.

The bank board Chairman, Ambassador Paul Rupia, handed over the 30m/- as the bank’s corporate social responsibility for the purchase of 300 school desks for the three municipalities.

Opening the bank, Mr Simbachawene called for efficiency in the bank delivery and should open up more braches upcountry. He underscored the need for the municipalities to utilize fully the services offered by the bank in which they are shareholders for it to operate competitively.