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| CRDB Bank Group Chairman, Dr. Ally Laay speaks during the 28th Annual General Meeting held in Arusha over the weekend. |
CRDB Bank shareholders will be laughing all the way to the bank after the approval of the historical highest dividend of 45/- per share for last year.
The shareholders unanimously approved the proposed dividends at the just-ended annual general meeting over the weekend which is 25 per cent higher than the 36/- of 2021.
CRDB, the largest lender in the country, approved dividend per share bringing the total value for last year to 117.5bn/-.
CRDB Group Chairman Dr Ally Laay said the approved dividend signalling “a strong and progressive growth” in earnings per share to reach 134/50 last year.
“Our experience over the last five years has enlightened us on the value of adopting a resilient business model to navigate the ever-evolving challenges and the continuously shifting business landscape,” Dr Laay said told the AGM.
Last year the bank completed its 2018-2022 five-year medium strategy successfully.
As a result of these achievements, the Group achieved yet another major milestone by crossing the 10tri/- balance sheet threshold, being the first bank in the country to cross the mark,” Dr Laay said.
The Group secured a net profit of 351.4bn/-, an increase of 31per cent compared to 268.2bn/- in 2021.
CRDB Group CEO and Managing Director, Abdulmajid Nsekela this year marks the start of the lender’s five years business strategy themed ‘Evolve’ which addresses the identified gaps.
“Evolve means focusing on building the economy, generating sustainable value, and leveraging partnerships to drive growth and impact,” Mr Nsekela said.
The Group CEO said the new strategy puts the customers at the centre of the lender’s actions.
“This means that going forward we will endeavour to undertake initiatives that aim to enhance the experience of our customers and respond to their unique financial needs,” he said.
Nevertheless, the efforts to strengthen the bank income continued to yield positive results with a growth of 28 per cent in operating income to 497.7bn/-last year.
The growth was fuelled by an increase in the net interest income, which grew by 15.5 per cent year-on-year to
745.8bn/-, driven by the loan book growth.
The Group closed the year with an NPL ratio of 2.8 per cent hence meeting the regulatory requirement of not more than 5.0 per cent.
The bank also recorded a strong balance sheet growth with a year-on-year expansion of 32 per cent from 8.8tri/- in 2021 to 11.6tri/- last year.
The growth was contributed by a 26.4 per cent increase in customer deposits reaching 8.2tri/- from 6.5tri/- in 2021.
Mr Nsekela also noted the improved operational capabilities and enhanced service delivery have enabled the Group to scale up its services and deploy innovative solutions that continue to transform the market.
“Today, more than 95 per cent of our transactions are done digitally through SimBanking, internet banking, and more than 28,000 CRDB Wakala,” he added.
During the last five years, he said the Group has made tremendous gains in building strategic partnerships which have proven to be instrumental in many ways. Over the period, partnerships have enabled CRDB and its subsidiaries to marshal capital, deploy new technologies and integrate services that have enriched their customers’ experience.
The approved new five-year medium strategy 2023 -2027 has redefined the Group’s core purpose and outlined the long-term aspirations of becoming the undisputed leader in the market.
Commenting on the dividend pay-out, the Bank’s former Group CEO and now the Member of Parliament for Vunjo, Dr Charles Kimei, expressed the delight of shareholders over the consistent payment of dividends, noting that the bank’s shares remain the toast of investors because it has never failed to pay dividends since its inception.
The shareholders also re-elected Pro Neema Mori and Miranda Naiman Mpogolo as independent Board directors.
Daily News
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