CRDB profit increases 40 per cent in Q2

CRDB Bank Group has posted a pretax profit increase by over 40 per cent in the second quarter of this year, thanks to surging revenues.

The bank, which has a subsidiary in Burundi, said yesterday in a financial statement pretax profit surged to 19.6bn/- in three months to June from 13.7bn/- of similar period last year.

The Group profit was generated from net interest income that increased to 102.08bn/- from 95.28bn/- realised in the first three months of the year.VAlso, non-interest income raked to 63.11bn/- in Q2 from 47.25bn/- in Q1.

The bank, without its subsidiary in Burundi and, insurance and microfinance units, posted a pretax profit increase of 18.96bn/- in Q2 from 13.38bn/- in Q1.

The profit for the bank was mainly attributed to non-interest income that generated 59.88bn/- against 44.24bn/-. Net interest income also generated 99.28bn/- in Q2 compared to 93.14bn/- in Q1.

The Dar es Salaam Stock Exchange (DSE) listed the bank reduced its nonperforming loans to 13.1 per cent from 13.74 per cent in three months.

The profitability up listed earnings per share to 7/50 apiece. CRDB, the largest bank in the country in terms of assets, deposits and branches, share closed yesterday trading at 160/-.VCRDB assets grew by 0.3 per cent to 6.027tri/- at the end of June from 6.01tri/- in March.

The assets growth was mainly pegged to loan and advances portfolio that grow by almost 200bn/- to 3.006tri/- in three months to June. While, customers deposits increased by 0.8 per cent to 4.42tri/- from 4.36tri/-.

The Group reduced its workforce slightly to 3,122 from 3,177 staff in three months despite increasing number of branches by five to 260.

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