The Dar es Salaam Community Bank (DCB), has posted a cumulative profit -after tax - of Sh1.38 billion during the year that ended in September this year.
The results are slightly above the Sh1.04 billion recorded during corresponding period in 2008.
In a statement released in Dar es Salaam yesterday, the bank said on a quarterly basis, the bank which is listed at the Dar es Salaam Stock Exchange's secondary market, posted a pre-tax profit of Sh610.8 million during the quarter ended in September 2009 against Sh487.5 million posted during a similar quarter last year.
The statement shows that a positive trend was recorded in all of its sources of income, including interest income, fees and commissions as well foreign currencies dealing and transaction. Return on average total assets was at a flat rate of 1 per cent during the quarters under review.
"Major growth of the bank's cash flow were generated from fees and commissions, as the report show that it grew by more than 100 per cent to Sh354 million during the third quarter of this year from Sh116 million recorded during a similar period last year," the statement added.
The bank's interest income grew to a cumulative Sh7.1 billion during the year ended in September this year, from Sh6 billion recorded during the year ended in September 2008.
On the quarterly basis, the financial result shows that the bank´s net interest income grew to Sh1.42 billion during the quarter ended in September this year from Sh1.41 recorded during similar quarter in 2008.
Like other small banks in the market, especially those confirmed in the city, DCB is among a group of banks that offer joint standalone services through Umoja Switch Automated Teller Machine.
The results shows that number of branches has also increased to four from three and the bank said its plans to increase the number to reach out many people in Dar es Salaam Region.
The DSE reports show that DCB is among of the highly active listed companies. The market trend of the bank at the DSE continue to perform better, ranging from Sh320 per share to Sh470 per share reported during the first day of trading at the bourse fourteen months ago.
"DCB is the first bank in Tanzania to list at the DSE with the paid up capital of Sh8.1 billion from Sh3.4 billion in December 2007. This new capital is enough for the bank to apply a license to operate countrywide. It has a total of 7,926 shareholders," the statement said.
DCB reports show that it has issued dividends to its shareholders amounting Sh1.5 billion over the last three years (2006-2008). For the past three years, activities of the bank have grown more than two folds.
The total assets of the bank increased by 73.6 per cent from Sh34.5 billion in December 2007 to Sh59.9 billion in September this year, while deposits increased by 48.4 per cent from Sh28.5 billion in December 2007 to Sh42.3 billion in September 2009.
The banks branches include the first branch and its headquarters at Arnautoglu Hall as well Magomeni, Temeke and Tabata.
All these branches are located within the three municipals of the Dar es Salaam Region and linked with inter branch network.
