DCB Commercial Bank Plc pre-tax profit has grown by 112 per cent, thanks to the increased usage of digital banking platforms.
The bank registered a profit before tax of 2.25bn/- last year compared to 1.06bn/- in 2021. This growth resulted from an 11 per cent growth in total income, attributed to increasing interest income which grew by 4 per cent to 28.61bn/- against 27.62bn/- in 2021.
Also, non-interest income went up by 45 per cent year-on-year (YoY) to 10.4bn/- last year from 7.2bn/- in 2021.
DCB Acting Chief Financial Officer (CFO), Mr Siriaki Surumbu said yesterday that the bank grew its non-funded income during the year, focusing on trade financing activities and foreign exchange business.
Additionally, the lender listed on Dar es Salaam Stock Exchange (DSE), profit was the result of increased transactional fees due to the enhanced features and increased usage of digital banking platforms..
The bank solidified its position as a mid-sized bank seeing its balance sheet position surpass the 200bn/- mark, with its total assets reaching 214bn/- last year.
The balance sheet growth was a 61 per cent growth over the past five years, stemming from the 2018 asset base valued at 133bn/-. The gross loan book of the bank closed at 130.36bn/- last year, being 4.0 per cent growth year-on-year from 125bn/- in 2021.
DCB investment in government securities grew by 44 per cent to reach 41bn/- from 28bn/- in 2021. The bank’s deposits grew by 11 per cent from 150bn/- in 2021 to 165bn/- last year, a product of the bank’s calculated efforts to grow its customer base.
During the year, the bank celebrated several awards, shining during the Consumer Choice Awards Africa to emerge winner of the Most Preferred Bank in Customer Service.
DCB Managing Director, Mr Isidori Msaki said the bank also won the Best Presented Financial Statements Award NBAA, in the mid-sized bank chapter, the fifth successive win.
“The awards were a great cause for celebration as we marked our 20th anniversary of operations last year. We continue to celebrate excellence as we look forward to 2023,” Mr Msaki said.
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