Dar es Salaam. CRDB Bank Plc has reaffirmed its commitment to delivering sustained growth and shareholder value, following strong financial performance in 2024 that saw profits and dividends rise significantly.
Speaking during the annual Investors Forum held in Dar es Salaam yesterday, Group CEO and Managing Director Abdulmajid Nsekela announced that the Group’s profit after tax had surged by 30.3 percent to reach a record Sh551 billion in 2024.
The forum, traditionally held ahead of the bank’s Annual General Meeting (AGM) in Arusha, attracted more than 200 institutional and retail investors. It was graced by the Ambassador of Denmark to Tanzania, Mr Jasper Kammersgaard, and CRDB Group Board Chairman, Dr Ally Hussein Laay.
As a result of the Group’s robust performance, the board of directors is proposing a 32.2 percent increase in dividends, from Sh50 to Sh65 per share.
“This milestone performance is a testament to 30 years of leadership, innovation and banking excellence,” said Mr Nsekela.
CRDB Bank’s total assets rose by 24.5 percent to Sh16.7 trillion, driven by strong loan book growth and deposit mobilisation. Net loans and advances grew by 22.8 percent to Sh10.4 trillion, supported by prudent credit risk management and increased demand across corporate, MSME, retail and agricultural sectors.
Customer deposits reached Sh10.9 trillion, with an impressive 87 percent held in low-cost current and savings accounts (CASA).
Mr Nsekela said the Group’s regional subsidiaries played a pivotal role in its growth trajectory. CRDB Bank Burundi contributed six percent to the Group’s profit after tax, generating Sh40.3 billion in net profit and holding assets worth Sh1.5 trillion.
“CRDB Insurance, in its first year of operations, recorded a profit after tax of Sh343 million, further strengthening our non-interest income stream,” he said.
The Democratic Republic of Congo (DRC) subsidiary, though still in its early stages, showed promising signs with assets reaching Sh185 billion. Despite a loss of Sh6.5 billion in 2024, the subsidiary is projected to break even ahead of initial forecasts.
Mr Nsekela noted the role of the CRDB Bank Foundation in promoting inclusive development. Over one million women and youth have been reached through the flagship IMBEJU programme, which promotes financial inclusion.
Digital banking remained a key pillar of the Group’s strategy, with more than 90 percent of all transactions now conducted through alternative channels.
In 2024, CRDB Bank onboarded 1.5 million new customers, including over 340,000 through CRDB Al Barakah, its Islamic banking window. Customer satisfaction reached an all-time high of 94 percent, reflecting the convenience and accessibility of its digital services.
Through strategic partnerships, the Group mobilised over $700 million to support key economic sectors. Of this, $45 million was channelled through regional subsidiaries to enhance trade and enterprise support, contributing to the creation of over 10,000 jobs.
The Investors Forum also reviewed CRDB’s 2025 first quarter performance, with the Group posting a net profit of Sh173 billion—an increase of 36 percent compared to Q1 2024. Interest income rose to Sh308 billion, reinforcing investor confidence.
Board Chairman Dr Laay commended the Group’s strategic execution, saying the results reaffirmed its vision for long-term value creation.
“As we mark 30 years of CRDB Bank’s journey, these achievements reflect our strategic clarity and resilience. We are building for the future, guided by a strong foundation and bold ambition,” he said.
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Tanzania: Exim to Raise Fund for Mental Health Facilities Upgrades
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The bank’s Head of Marketing and Communications Stanley Kafu unveiled this when introducing Exim Bima Festival 2024 as a platform for bringing together individuals, organisations and various sectors for raising the funds.
“Exim’s initiative aligns with the government’s broader goals to ensure that every citizen has access to quality healthcare, including mental health services,” he said.
The initiative, which is one of the events for celebrating the bank’s 27th anniversary is scheduled for Wednesday this week in Dar es Salaam.
Mr Kafu highlights that this year’s festival is not only about raising awareness of the importance of insurance in the society but also focuses on enhancing access to mental health services and improving the overall well-being of the nation.
Statistics from the Ministry of Health shows a staggering 82 per cent increase in mental health cases over the past decade.
Mental cases have risen from 386,358 in 2012 to 2,102,726 in 2021, making the need for mental health services more urgent than ever.
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Mr Kafu said by improving mental health services, Exim aims to contribute to the creation of a network of communities that can access care quickly and affordably.
Exim Insurance Department Manager Tike Mwakyoma said they are appreciating the support from partners in the insurance industry, who have stood by them since the last festival.
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Source: allafrica.com
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Dr. Butera, who was giving updates during an online briefing yesterday, said in the past two weeks, only two deaths were recorded while 14 people recovered from the disease. He said Rwanda was expanding its testing capacity with 16,000 people already inoculated against the disease.
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“The situation is not yet under control.”
Source: allafrica.com
