CRDB Bank scoops second international accolade this year

Tanzania Dar es Salaam. CRDB Bank Plc has for the second time this year scooped a prestigious international award as the best bank in the country.

The award has been issued by a New York-based financial publication-Global Finance, making it second following a similar award from the prestigious UK financial and economic magazine Euromoney granted in July, this year. 

The accolade was issued during a gala dinner held at the National Press in Washington, in the US.

A statement issued yesterday by CRDB Bank PLC says the award is also embedded in the bank’s digital transformation strategy that has resulted in the cutting-edge digital offerings critical to driving the country’s financial inclusion agenda.

“We are privileged to be recognised as Tanzania’s best bank by the Global Finance once again. This is a recognition that we are on the right path in providing a differentiated experience to our customers and creating value for our shareholders while transforming the country’s financial sector,” he bank’s Group CEO, Mr Abdulmajid Nsekela, said in a statement.

Mr Nsekela dedicated the award to the bank’s esteemed customers, shareholders, and investors for supporting the business.  

Global Finance founder and editorial director Joseph Giarraputo said the award recognises the commendable job done by CRDB in assisting businesses and Small and Medium Enterprises (SMEs) survival, recovery and thriving from Covid-19 challenges.

“All these efforts have continued to strengthen the bank, resulting in a strong performance,” he said.

The lender’s profit for the previous fiscal year stood at Sh268.2 billion, representing a notable 62.3 percent increase as compared to Sh165.2 billion recorded in 2020. CRDB recorded a Sh174 billion profit in the first half of 2022 as compared to Sh88 billion documented in the same period last year.

Mr Nsekela attributed the solid performance to the country’s favourable business environment, hailing the sixth phase government for ongoing efforts to improve the business and investment environment.