DCB Commercial Bank makes turnaround to post Sh1.4bn net profit
What you need to know:
DCB Commercial Bank Plc suffered a loss in year to September 2017.
But it improved the situation to generate a net profit of Sh1.4 billion in the year to September 2018, thanks to investment in digital technology that has helped to cut costs
Dar es Salaam. DCB Commercial Bank Plc posted a net profit of Sh1.407 billion in the year to September 30, 2018.
It previously incurred a loss in a similar period.
The achievement was the outcome of investing in digital technology that attracted more customers to open accounts and ease access to small loans, the bank said.
Last year, DCB incurred a loss of Sh1.617 billion. Huge improvements were seen in interest expenses that fell to Sh5.1 billion in the cumulative year to September, compared with the previous year.
The bank’s financial statement for Q3 showed that it posted a profit of Sh394.93 million, compared with a loss of Sh1.956 billion in a similar period last year.
The bank’s number of employees in Q3 rose to 222 from 214 in a similar period last year, the statement said.
DCB managing director Godfrey Ndalahwa told The Citizen yesterday that the bank’s investment in digital technology cut expenses.
Customers who wanted to open accounts could register themselves. The technology also improved the provision of other services.
This year alone more than Sh50 billion has been issued as loans.
