CRDB BANK POSTS ROBUST 2024 FINANCIAL RESULTS, STRENGTHENS SHAREHOLDER VALUE

CRDB Bank Group CEO and Managing Director, Abdulmajid Nsekela speaks during the Annual Investors Forum in Dar es Salaam.

CRDB Bank has reaffirmed its commitment to delivering sustained growth and shareholder value following a robust financial performance in 2024. Speaking at the Annual Investors Forum in Dar es Salaam on May 6, 2025, Group CEO and Managing Director Abdulmajid Nsekela announced that the bank's profit after tax surged by 30.3% to reach a record Sh551 billion.

The forum traditionally held ahead of the the bank's Annual General Meeting (AGM) in Arusha, attracted more than 200 institutional and retail investors. It was graced by the Ambassador of Denmark to Tanzania, Mr. Jasper Kammersgaard as well as CRDB Group Board Chairman, Dr. Ally Hussein Laay.

The bank's total assets increased by 24.5% to Sh16.7 trillion, driven by strong loan book growth and deposit mobilisation. Net loans and advances grew by 22.8% to Sh10.4 trillion, supported by prudent credit risk management and increased demand across corporate, MSME, retail, and agricultural sectors. Customer deposits reached Sh10.9 trillion, with 87% held in low-cost current and savings accounts (CASA).

CRDB's regional subsidiaries contributed significantly to its growth. CRDB Bank Burundi accounted for 6% of the Group's profit after tax, generating Sh40.3 billion in net profit and holding assets worth Sh1.5 trillion. CRDB Insurance, in its first year of operations, recorded a profit after tax of Sh343 million, enhancing the bank's non-interest income stream. The Democratic Republic of Congo (DRC) subsidiary, though still in its early stages, showed promising signs with assets reaching Sh185 billion. Despite a loss of Sh6.5 billion in 2024, the subsidiary is projected to break even ahead of initial forecasts.

The bank's digital transformation strategy has yielded positive results, with over 90% of all transactions conducted through alternative channels. In 2024, CRDB onboarded 1.5 million new customers, including over 340,000 through CRDB Al Barakah, its Islamic banking window. Customer satisfaction reached an all-time high of 94%, reflecting the convenience and accessibility of its digital services.

CRDB Bank Foundation's IMBEJU programme has promoted financial inclusion, reaching over one million women and youth. 

Through strategic partnerships, the Group mobilised over $700 million to support key economic sectors, with $45 million channelled through regional subsidiaries to enhance trade and enterprise support, contributing to the creation of over 10,000 jobs.

As a result of the Group's robust performance, the board of directors is proposing a 32.2% increase in dividends, from Sh50 to Sh65 per share. "This milestone performance is a testament to 30 years of leadership, innovation and banking excellence", said Mr. Nsekela.

Board Chairman, Dr. Laay commended the Group's strategic execution, sayingthe results reaffirmed its vision for long-term value creation. "As we mark 30 years of CRDB Bank's journey, these achievements reflect our strategic clarity and resilience. We are building for the future, guided by a strong foundation and bold ambition", he said.