Dar es Salaam, Tanzania.
Members of the CRDB Bank’s management team yesterday met with the Denmark Ambassador in Tanzania, Mette Nørgaard Dissing-Spandet, being just days after the lender announced a record net profit of Sh353 billion in the year 2022.
The amount rose from Sh268 billion in 2021. CRDB Bank Plc said in a statement yesterday that during the meeting, Ambassador Dissing-Spandet exuded confidence in CRDB Bank’s growth path.
This follows the recent announcement that Tanzania banks in general are raking in historically massive profits. Commercial bank net profits in Tanzania rose by about Sh400 billion last year to surpass the Sh1 trillion-mark for the first time in Tanzania banking history.
Speaking to CRDB Bank’s management team, Ambassador Dissing-Spandet said he was happy with CRDB Bank’s 2022 financial results. He said it was an indication that there would be more exciting outcomes in the future, the statement reads.
The relationship between CRDB Bank and the Danish Government dates back to the days when the lender was still known as Cooperative and Rural Development Bank.
During that time, CRDB Bank, which was at that time fully government-owned, experienced operational challenges that compelled the government to seek Denmark’s intervention through its Danish International Development Agency (Danida).
The Danida, through its Danish Investment Fund (DIF) initially took 247,014 shares of CRDB Bank in the year 2002 but its stake has since reached 548,067,648 shares which is equivalent to 21 percent of the lender’s total number of shares.
With the bank’s profitable trend during the past years, the dividend to DIF and the government of Tanzania has also been going up, reaching Sh19.7 billion in 2021, from only Sh247 million in 2002.
According to the CRDB Bank’s managing director, Mr Abdulmajid Nsekela, the rise in the bank’s profit last year was primarily driven by a 13 per cent increase in non-funded income that grew to Sh400 billion from Sh354 billion in the preceding year.
He said the bank has been pushing digital channels for banking throughout the pandemic and post-pandemic, and that has contributed to the growth of the business.
“This cooperation between Danida, government and CRDB Bank Plc has been important in boosting the lender’s business performance each year,” CRDB Bank said in its yesterday’s statement.
It was building on the background of years of cooperation that the Government of Denmark, through its Investment Fund for Developing Countries (IFU), was also partnering with CRDB Bank’s subsidiary in the Democratic Republic of Congo (DRC). Denmark is also one of the top development partners who support the delivery of quality health services in Tanzania.
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
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