CRDB Bank in Tanzania posts 39bn Net Profit

The CRDB Bank has posted 39.134bn/- net profit from its operations last year, the bank has announced in a statement. The bank's financial results reflect an increase in the net profit compared to 37.325bn/- recorded for the year ended December 31, 2007. In the statement published pursuant to the Banking and Financial Institutions Act (BFIA) on mandatory disclosure, CRDB Bank recorded increased customer deposits that reached 1.27trillion/-, as at December 31, up from 1.11trillion/- at the end of the preceding quarter. The bank's total assets also rose to 1.449trillion/-, up from 1.304trillion/- recodered as at September 30, last year. The assets reflected the rise in its loans and advances portfolio, which reached 836.8bn/-, up from 793.54bn/- that was pencilled at the end of the preceding quarter. CRDB Bank Plc is one of the country's top private commercial banks, established in July 1996, to succeed the former Co-operative and Rural Development Bank (CRDB), which was wholly owned by government. The bank is now owned by over 11,000 shareholders under the following major groups - individuals (37 per cent), co-operatives (14 per cent), companies (10.2 per cent), DANIDA investment fund 30 per cent) and parastatals (8.8 per cent). The bank is in the process of listing some of its shares on the Dar es Salaam Stock Exchange (DSE).