CRDB Bank Achieves Impressive 30.3% Profit Growth in 2024, Signals Strong Economic Performance
Dar es Salaam – CRDB Bank has reported remarkable financial results for 2024, with a significant 30.3% increase in profitability, demonstrating robust financial strength and strategic growth.
The bank’s unaudited financial statements reveal a Profit After Tax (PAT) of 551 billion Tanzanian shillings, a substantial rise from 423 billion in the previous year. At the group level, total assets expanded by 25%, reaching 16.6 trillion shillings by December 2024.
Key financial highlights include:
– Loans and advances increased by 23% to 10.4 trillion shillings
– Customer deposits grew by 24% to 10.9 trillion shillings
– Tax contributions rose 16% to 468 billion shillings
The bank’s strategic focus on digital solutions, operational efficiency, and regional expansion has been crucial to this performance. Digital investments drove a 14% increase in Non-Interest Income, while diversified loan portfolios contributed to a 27% rise in Interest Income.
Financial stability metrics remain strong, with a cost-to-income ratio of 45.7% and a Non-Performing Loan ratio of 2.9%, both well within industry and regulatory standards.
CRDB Bank remains committed to financial inclusion, supporting micro, small, and medium enterprises, agriculture, youth, and women across East Africa. The bank aims to continue expanding its market presence and forming strategic partnerships to drive sustainable growth.
As the financial institution moves forward, it is well-positioned to play a pivotal role in East Africa’s economic development, with confident projections for continued expansion and value creation.
