CRDB Bank’s profit rises 30.3 percent due to strong growth
CRDB Bank’s CEO, Mr Abdulmajid Nsekela.
What you need to know:
- The bank’s digital investments contributed to a 14 percent increase in Non-Interest Income, while retail, SME, corporate loans, and Treasury Bills drove a 27 percent rise in Interest Income.
Dar es Salaam. CRDB Bank’s shareholders will have another year of strong dividend payout as the lender’s profit rose by 30.3 percent in 2024, driven by balance sheet expansion and revenue growth.
The bank’s unaudited financial results show a Profit After Tax (PAT) of Sh551 billion, up from Sh423 billion in 2023.
At the group level, CRDB—operating in Tanzania, Burundi and the Democratic Republic of Congo (DRC)—recorded a 25 percent year-on-year growth in total assets, reaching Sh16.6 trillion by December 2024.
Loans and advances increased by 23 percent to Sh10.4 trillion, while customer deposits grew by 24 percent to Sh10.9 trillion.
The bank also contributed Sh468 billion in taxes and levies, a 16 percent rise from the previous year.
Group CEO Abdulmajid Nsekela attributed the performance to the execution of CRDB’s 2023-2027 strategy, which focuses on digital solutions, operational efficiency and regional expansion.
“This strong financial growth reflects our commitment to financial inclusion and support for MSMEs, agriculture, youth, and women across East Africa,” he said.
The bank’s digital investments contributed to a 14 percent increase in Non-Interest Income, while retail, SME, corporate loans, and Treasury Bills drove a 27 percent rise in Interest Income.
Chief Financial Officer Fredrick Nshekanabo highlighted CRDB’s financial stability, noting a cost-to-income ratio of 45.7 percent—below the industry threshold of 55 percent—and a Non-Performing Loan (NPL) ratio of 2.9 percent, well within the 5 percent regulatory limit.
The Bank’s capital ratio remained well above the regulatory limits, reflecting its solid risk management practices and prudent capital allocation strategy.
We will continue focusing on maintaining a strong balance sheet and delivering value to our stakeholders,” Nshekanabo added.
As CRDB Bank expands its market share, it remains well-positioned to play a pivotal role in the economic development of East Africa
. “Looking ahead, we are confident that our strategic initiatives, including expanding into new markets and forming partnerships with both local and global institutions, will fuel sustainable growth and strengthen our position,” he said.
