Arusha. CRDB Bank Group targets to raise its balance sheet to a staggering Sh16.4 trillion this year as it cements its position as Tanzania’s largest lender by asset size.
The board chairman for CRDB Bank Group, Dr Ally Laay said at the bank’s 29th Annual General Meeting (AGM) here on Saturday, May 18, 2024 that the target was realistic, banking his hope on the financial results for the first quarter of 2024.
“We are talking of a Sh16.4 trillion target in balance sheet size at the end of this year. We are talking of a bank that is next to none in terms of balance sheet size in the market,” said Dr Laay.
The CRDB Bank Group, which also operates subsidiaries in Burundi and the Democratic Republic of Congo (DRC), closed the year 2023 with a balance sheet of Sh13.3 trillion, according to data presented at the AGM by its chief finance officer, Mr Frederick Nshekanabo.
“The growth of our assets in 2023 was largely driven by a 22.8 percent growth in the loan portfolio which focused primarily on the retail sector…,” he said.
During the first quarter of the current calendar year, CRDB Bank registered a net profit of Sh128 billion.
The amount is equivalent to the net profit that the bank registered during the entire 2019 calendar year.
Addressing shareholders during the AGM, the CRDB Bank Group Chief Executive Officer, Mr Abdulmajid Nsekela, said the bank was finalizing the integration of its systems to enable seamless banking across Tanzania, Burundi and the DRC.
This, he said, will enable a seamless banking experience for a customer who holds an account in Tanzania when he/she travels to Burundi or the DRC and vice versa.
He said the Burundi subsidiary has grown to become the most profitable lender in that country, with assets reaching Sh985 billion and a total of Sh538 billion customers’ deposits.
Burundi contributed Sh30.2 billion to CRDB Bank Group’s net profit for 2023.
Going forward, said Mr Nsekela, the focus will be on sustaining and further improving the lender’s performance.
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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
