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: 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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