Moshingi targets bad loans after joining DCB

DAR ES SALAAM: MR Sabasaba Moshingi, the newly appointed DCB Commercial Bank head said his priority is to bring down the double-digit bad loan ratio to an acceptable market benchmark.

The lender’s bad loans ratio was 10.8 per cent at the end of September, which is double the recommended market benchmark of 5.0 per cent. The new DCB head said the level is choking and backpedaling the bank’s effort to prosper and should be brought down.

“…As an expert in the financial sector, my obligation is to develop the right vision, idea, and best strategy for the bank. “One of them is to tame NPLs [non-performing loans] by ensuring proper records and vetting for loan applicants,” said Mr Moshingi in his press conference with media as DCB Managing Director.

Mr Moshingi joined DCB from Tanzania Commercial Bank (TCB) where he steered the financial institution successfully for the last 12 years under the same capacity.

He believed that creating thorough verification of customer details would lead to positive monitoring. DCB posted a net profit of 1.36bn/-in this year’s third quarter up from 1.01bn/- posted in a similar period last year.

The lender assets grew to 227bn/- at the end of quarter three in September from 220bn/- recorded at the end of June. DCB’s Chairperson Ms Zawadia Nanyaro believed that the new director would steer the bank in the right direction based on his previous performance and experience.

“Based on his previous banking performance for both local and international, it assures us that we have got the right person to drive us forward,” she said.

Additionally, Mr Moshingi prior to joining TCB worked at KCB Bank, Standard Chartered Bank, and Stanbic Bank. DCB is the first bank to list on the Dar es Salaam Stock Exchange (DSE) and its share traded at 135/-.