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4-Traders Homepage  >  Equities  >  DAR ES SALAAM STOCK EXCHANGE  >  CRDB Bank PLC    CRDB   TZ1996100305

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CRDB Bank : Employs 600 in a Single Year

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05/22/2017 | 02:06pm CEST

CRDB Bank, Tanzania's leading bank, has employed some 550 new staff despite challenges the industry faced last year.

The new staff ballooned CRDB number of workforce to about 3,200 serving at 250 branches across the country, after opening additional 76 branches in a single year.

However, the CRDB's Managing Director Dr Charles Kimei said they are expecting to slow down employment after reaching critical mass and concentrate on technology. "We are going to slow down on expansion after reaching a critical mass... and expectation is slow expansion growth.

"The banks want to now manage costs by using information technology and our bank agents [FahariHuduma]," Dr Kimei told the bank shareholders in Arusha yesterday.

In 2016, the bank recorded a pre-tax profit of 118.2bn/-despite what was described as a difficult year, specifically the final quarter.

Dr Kimei also noted that the bank remains steadfast in implementing activities aimed at ensuring growth in digital banking channels of services through mobile phones--SimBanking- -and through the internet, Internet Banking.

In the year under review, the bank added 58 ATMs installed and 850 new FahariHuduma agents to reach 2,558 agents.

The shareholders also approved a dividend of 10/- a share for 2016 at a time when the bank share increased from 185/- to 190/- in a week. CRDB Chairman Ally Laay said despite the challenges they faced last year, the bank remains optimistic of posting strong results this year.

"It is against this context that we will exercise a cautious approach in implementing the bank's strategy for 2017," Mr. Laay said.

He said the bank will focus on consolidation and effective cost management and improving asset utilization to generate quality income and improve returns to shareholders.

He added that the bank will also continue to focus on risk and regulatory compliance to optimise the business and improve beyond financial performance.

During the AGM, former Prime Minister Frederick Sumaye stepped down voluntarily on personal interest from the bank board. Mr Sumaye was representing minority shareholders with less than 1.0 per cent shareholding. The meeting voted for a new member.

Copyright Tanzania Daily News. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Mean consensus HOLD
Number of Analysts 1
Average target price 239  TZS
Spread / Average Target 20%
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NameTitle
Ally Hussein Laay Chairman
Saugata Bandyopadhyay Deputy MD-Operations & Customer Services
Frederick Bayona Nshekanabo Director-Finance
Elyas Bartholomew Mtenga Director-Information & Communication Technology
Charles Steven Kimei Ex-Officio Director
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