Tanzania’s CRDB Bank targets Sh16.4 trillion in balance sheet size this year
The board chairman for CRDB Bank Group, Dr Ally Laay speaks during the bank's 29th Annual General Meeting in Arusha on Saturday, May 18, 2024. PHOTO | THE CITIZEN CORRESPONDENT
What you need to know:
- 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.
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.
