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Thursday, 7 June 2018

CRDB BURUNDI POSTS HISTORIC PROFIT

CRDB Bank Burundi has recorded a pretax profit increase of almost 40 per cent to register a historic high amount since opening five years ago.

The subsidiary recorded a pretax profit of 3.2bn/- last year compared to 2.3bn/- of 2016. CRDB said the performance was the highest in the last five years since the largest bank in Tanzania opened the door in Bujumbura.

The bank said in a report “the performance during the year was good recording its best for the first five years of operation despite economic challenging in [Burundi].”

Also the subsidiary, with four branches, said total assets grew by 8.0bn/- to 149bn/- from 141bn/-. Total deposits, likewise, increased to 84bn/- last year from 62.4bn/-in previous year.

The good performance came despite Burundi to be affected by slowdown in business growth following political unrest. “Burundi has been affected by slowdown in business growth due to challenges in the business environment,” the bank with close to 300 branches said.

Only five per cent of Burundian bankable population has bank accounts.

The country total population stands at eight million people.

Trade between Burundi and Tanzania has been growing in recent years, mainly because Burundian businesses rely heavily on the Tanzanian port of Dar es Salaam to import goods.

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