CRDB Bank Shows Impressive Increase in Profits

crdb bank tanzania

CRDB Bank showed an impressive increase of 60% in profits in the first 11 months of 2012 reaching TZS 80 Billion (USD 50 Million).

The bank’s profits after tax are TZS 50 billion (USD 31 Million) for the same period, confirmed CRDB’s Managing Director, Dr Charles Kimei.

CRDB explains these strong results are due to its aggressive branch expansion strategy, with 85 branches in 2012, compared with 60 in 2011. The success of the mobile phone money banking service is also mentioned as a factor. Branded as SimBanking, it allows users to carry out banking transactions using a mobile handset and network.

Total assets of CRDB are now listed as TZS 2,949 Billion (USD 1,840 Million) which represent a 12.6% increase compared to the same period last year. Total deposits grew by 8.5% to TZS 2,449 Billion (USD 1,527 Million).

CRED expectations for 2013 are bright, the bank announced, with plans to open additional branches throughout Tanzania and introduce additional innovative banking products.