Arusha. CRDB Bank, buoyed by the profitable performance of its Burundi subsidiary, CRDB Bank Burundi S.A., has announced plans to extend its services to Zambia, the Comoros, and Uganda.
Addressing shareholders at the CRDB Annual Shareholders Meeting in Arusha, the chairperson of CRDB board of directors, Ally Laay, highlighted the company’s achievements and challenges in 2023.
Laay emphasised the significant contributions made by some of the bank’s subsidiaries to the group’s overall performance, particularly CRDB Bank Burundi S.A., which saw a remarkable 30.7 percent year-on-year growth in profits after tax (PAT), reaching Sh30.2 billion.
“The Burundi subsidiary’s impressive performance over the past decade signals the opportune moment for the group to expand its presence in the eastern and southern African regions,” stated Laay, outlining the expansion plan that will commence with Zambia, followed by the Comoros, Uganda, and later Rwanda.
CRDB’ managing director and chief executive officer, Abdulmajid Nsekela, expressed satisfaction with the progress made in implementing the group’s new medium-term strategy, highlighting the bank’s significant financial performance and capitalisation on market opportunities.
The CRDB Group recorded a PAT of Sh422.8 billion in the financial year ending 2023, marking a notable 20.3 percent year-on-year growth from the previous year’s Sh351.4 billion.
The achievement represents the highest profit ever recorded in CRDB’s history, underscoring the group’s potential and resilience.
In recognition of this milestone, the bank has increased dividend payments per share from Sh45 to Sh50, with a total disbursement of Sh130.6 billion to shareholders.
However, amidst the success, challenges persist, notably with CRDB’s newly established subsidiaries, Insurance Company Limited and CRDB DR Congo, which recorded losses of Sh1.7 billion and Sh4.2 billion respectively.
Despite this, the total subsidiary contribution to the group’s profit after tax stood at 6 percent, indicating promising prospects for profitability.
Laay reassured shareholders of the group’s commitment to sustaining its growth trajectory by continuing to invest in new opportunities, underlining CRDB’s unwavering dedication to delivering value and driving expansion across the African continent
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Tanzania’s opposition party ACT Wazalendo honours veteran politician under new policy
Unguja. Opposition party ACT Wazalendo today officially bids farewell to its former Chairman, Juma Duni Haji, also known as Babu Duni, as part of a new policy designed to honor retired senior leaders at a ceremony held at Kiembesamaki, Zanzibar.
The initiative highlights the party’s commitment to recognizing and supporting individuals who have served with dedication and integrity.
Babu Duni, who stepped down earlier this year, was succeeded by Othman Masoud, now the First Vice President of Zanzibar.
The policy aims to provide ongoing respect and support to retired leaders, ensuring their continued recognition and contribution to the party’s development.
“Recognizing their significant contributions to the development and prosperity of the party, this policy ensures that retired leaders continue to be acknowledged and respected by both the party and the community,” the policy states.
To benefit from this policy, leaders must not have left or been expelled from the party. They must have served the party with honor and dedication. The national leadership committee will determine whether a leader has fulfilled these criteria.
The policy seeks to honor retired leaders, protect their dignity, acknowledge their contributions, leverage their ideas for the party’s growth, and support them to the best of the party’s ability.
In honoring these leaders, the party will provide a vehicle, the type of which will be determined by the national leadership committee. Additionally, they will receive a monthly allowance, with the amount also set by this committee.
Other benefits include health insurance. If a leader does not own a home, the party will cover their rent at a rate decided by the committee.
The leadership committee may also grant special recognition based on the leader’s contributions. Retired leaders will participate in decision-making meetings according to procedures outlined in the party’s constitution.
Depending on the party’s resources at the time, the policy may also apply to retired deputy chairpersons for both the mainland and Zanzibar, the Secretary-General, Deputy Secretary-General for both mainland and Zanzibar, and the party’s Attorney General.
Additionally, leaders, executives, or members with exceptional contributions to the party’s protection, advocacy, and defense may also benefit, as determined by the leadership committee.
Currently, those who are eligible for benefits under this policy include Juma Duni Haji (retired party Chairman) and Zitto Kabwe (retired party leader).Continue Reading
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The basic purpose of an insurance plan is to provide financial security to you and your family in case of your misfortunes during the policy tenure.Continue Reading
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Eight villages on Pemba Island have lacked clean and safe water service while complaining to the Zanzibar Water Authority for failing to solve the water problem in their villages.Continue Reading
