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DCB consolidates capital base and profit generation
What you need to know:
- The bank registered an after-tax profit of Sh747 million in the year 2022, which was attributed to non-interest income amounting to Sh10.3 billion
Dar es Salaam. Despite facing economic challenges, DCB Commercial Bank has consistently expanded its capital base, while its profit generation has also maintained an incremental trend, the bank told shareholders over the weekend.
Addressing the 21st edition of the Annual General Meeting (AGM) of the bank’s shareholders, chairperson of the bank’s Board of Directors Zawadia Nanyaro said the bank’s capital, which is at Sh28.5 billion, far exceeds the mandatory minimum set by the central bank of Sh15 billion.
She said the bank registered an after-tax profit of Sh747 million in the year 2022, which was attributed to non-interest income amounting to Sh10.3 billion.
The interest-based income, for its part, added Ms Nanyaro, reached Sh28.6 billion, which is 86 percent of the bank’s set goal.
“The operating environment of the bank for the year 2022 continued to be friendly as the Tanzanian shilling gained strength against other currencies,” said Ms Nanyaro.
However, despite last year’s handsome performance, the Board of Directors of DCB suggested the profit generated be consolidated into shareholder stocks instead of declared as a dividend.
Expounding on the bank’s performance, the bank’s acting managing director,Mr Isidori Msaki, said the bank had been keen in its oversight of the progress of long-term strategies.
This aspect, he said, has been resulting in positive gains, including the growth of the bank’s assets.
Mr Msaki said during 2022, the bank’s assets grew to reach Sh211 billion from Sh192 billion in 2021.
The growth upgraded the status of the bank in the country, raising it from a small bank to a mid-tier bank category.
