CRDB Bank impressive results have pushed up its share price by 4.0 per cent to bring to a halt a downfall trend experienced over a year now. CRDB shares at the Dar es Salaam Stock Exchange were trading at 130/- yesterday up from 125/- since the end of last month.
The bank’s net profit for the first quarter of this year rose by 146.18 per cent to 30.7bn/- up from 9.7bn/- in the corresponding quarter last year.
The results were attributed to lowered interest and non-interest expenses, lowered impairment charges and increased non-interest income, especially on the forex dealings.
Orbit Securities said in W eekly Market Synopsis that the bank’s good performance has uplifted its share prices. “Appreciation on CRDB counter followed impressive quarterly results posted by the bank… ” the brokers said in their synopsis.
Zan Securities Chief Executive Officer, Raphael Masumbuko predicted earlier that once the good performance demonstrated by the bank last year and Q 1 filtered to stakeholders it would uplift share price.
“It is very easy CRDB price to double… it is a matter of time… ” Mr Masumbuko told the ‘Daily News’ in a recent interview.
Analysts have it that the Q 1 results showed that the bank will post yet another good performance since it has started on the right foot.
“The quarter one results may also push up CRDB price at the bourse,” a market analyst said. The bank’s board has proposed a dividend raise of 60 per cent to 8/- in 2018 from 5/- in 2017.
The demand of CRDB share was also experienced last week when the bank claimed a large share of total turnover, accounting for 34 per cent or 509.34bn/- total equity turnover, after moving a total of 3,926,467 shares.