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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