The remarks were made by the DCB Managing Director, Mr Edmund Mkwawa in an event in Dar es Salaam recently, marking the bank’s excellent performance for last year. “The bank plans to increase deposits to 116.8bn/- from 74.8bn/-, loans by 42 per cent to 84bn/- from 59bn/-,” said Mr Mkwawa.
He added that the share value will increase to 65/- from 57/- and that the bank wants to develop other products and services such as housing and investment loans and introduce customers services for corporate clients at its Arnautoglu branch. DCB share price has appreciated to 640/- as of December, last year from 280/- similar period last year.
“DCB is the first in East Africa and fifth in Africa bank as best performer in stock exchange,” he said. When it began its operations, DCB was 100 per cent owned by Dar es Salaam City Council (DCC) and the three municipal council but later sold shares to the public which owns 57.85.
The share distribution the three municipals is 32.62 per cent and Unit Trust of Tanzania 9.5 per cent. Mr Mkwawa said as at the end of November, last year deposits reached 73.4bn/- with the bank offering loan facilities worth 59.2bn/- and the profit before tax was 3.5bn/-. Customer base have increased to 175,396 clients as of December 2010, he said.
He said the bank plans to expand its branch network both within and outside Dar es Salaam to facilitate easy delivery of its services. The bank has four branches and plans to open two new ones in Ukonga and Chanika areas this year.
Speaking earlier, the Dar es Salaam Regional Commissioner, Mr Said Meck Sadick commended the DCB board and management for excellent 2011 financial year performance.He reminded the municipal councils to ensure their revenue collections are banked at DCB as directed by the Prime Minister Mr Mizengo Pinda.
While noting the financial sector growth at a good pace, Mr Sadick urged DCB to move in line with such speed by designing more tailor-made products that will contribute to the on-going economic and social development in the city for Micro, Small and Medium Enterprises (SMEs).