MID-SIZED BANK RECORDS PROFIT GROWTH IN 2022 AS ASSET BASE GROWS EXPONENTIALLY FOR DCB COMMERCIAL BANK PLC

DCB Commercial Bank Managing Director, Isidori Msaki.

Dar es Salaam, February 1, 2023 - DCB Commercial Bank Plc has registered a sizable growth in its profit during the financial year 2022, accompanied by an impressive expansion of the asset base as the bank’s deposit also swelled considerably.

The bank recorded a Profit Before Tax (PBT) of TZS 2.25 billion, ahead of the previous year’s comparative PBT of TZS 1.06 billion, translating to a growth of 112%. This growth resulted from an 11% growth in total income, attributed to increasing interest income which grew by 4% to TZS 28.61 billion (2021: TZS 27.62 billion) and non-interest income which increased by 45% year on year (YoY) from TZS 7.2 billion to TZS 10.4 billion in 2022.

DCB Commercial Head Office building in Magomeni, Dar es Salaam.

“The bank grew its non-funded income during the year, focusing on trade financing activities, foreign exchange business, and increased transactional fees due to the enhanced features and increased usage of digital banking platforms,” said DCB Acting Chief Financial Officer (CFO), Mr. Siriaki Surumbu.

The bank solidified its position as a mid-sized bank seeing its balance sheet position surpass the TZS 200 billion mark, with its total assets reaching TZS 214 billion in 2022. This is a 61% growth over the past five years, stemming from the 2018 asset base valued at TZS 133 billion.

Gross loan book of the bank closed at TZS 130.36 billion in 2022, being 4% growth year-on-year from TZS 125 billion in 2021. Its investment in government securities grew by 44% to reach TZS 41 billion from TZS 28 billion in 2021. The bank’s deposits grew by 11% from TZS 150 billion in 2021 to TZS 165 billion in 2022, a product of the bank’s calculated efforts to grow its customer base.

“During the year, the bank celebrated several awards, shining during the Consumer Choice Awards Africa to emerge winner in the Most Preferred Bank in Customer Service. The bank also won the Best Presented Financial Statements Award NBAA, in the mid-sized bank chapter, the fifth successive win,” said DCB Managing Director Mr. Isidori Msaki.

“The awards were a great cause for celebration as we marked our 20th anniversary of operations in 2022. DCB continues to celebrate excellence as we look forward to 2023.”