CRDB Bank has marked its 30th anniversary with a historic achievement, posting a record after-tax profit of TZS 551 billion for the 2024 financial year.
This is the highest profit in the bank’s history. The milestone was shared with investors during a special forum held on May 6, 2025, in Dar es Salaam.
Around 200 individual and institutional investors attended the event, which also served as a platform to review CRDB’s 2024 audited results, assess progress on its strategic goals, and go through the first-quarter results for 2025.
“This profit reflects more than just strong numbers,” said CRDB Group CEO Abdulmajid Mussa Nsekela.
The historic results, according to him, mark three decades of leadership, innovation, and delivering quality banking services.
He added that the performance demonstrates the bank’s strength and its role in driving development in Tanzania and beyond.
“They also affirm the strength of our financial position, the lives we’ve touched, the businesses we’ve empowered, and the economies we continue to support across the region,” he said.
In 2024, CRDB’s total assets grew by 24.5 percent to TZS16.7 trillion.
Gross loans rose to TZS10.4 trillion, while customer deposits reached TZS 10.9 trillion.
Notably, 87 percent of the deposits were low-cost, which boosted the bank’s ability to lend and expand.
The bank’s operations beyond Tanzania also played a role. CRDB Bank Burundi posted a profit of Sh40.3 billion, with assets of TZS1.5 trillion.
CRDB Insurance, which launched operations in 2024, made a profit of TZS 343 million in its first year. CRDB Bank Congo, still in its early stages, recorded a loss of TZS 6.5 billion but showed promising asset growth.
The CRDB bank's boss pointed out that the bank's development impact goes beyond financial metrics.
“Through the CRDB Foundation, we extended financial inclusion to over one million young people and women via the IMBEJU programme,” he said.
CRDB continued to focus on digital transformation.
In 2024, 98 percent of all customer transactions were done through alternative channels where 53 percent of them were processed via digital platforms like SimBanking, which disbursed more than TZS 18 billion in digital loans.
Another 45 percent were processed through the CRDB Wakala network with only two percent of transactions happened inside branches.
The bank also welcomed 1.5 million new customers in 2024 as over 340,000 of them joined through CRDB Al Barakah, the bank’s Islamic banking window.
Independent audits found that 94 percent of customers were satisfied with CRDB’s services.
CRDB also improved its financial health with the non-performing loan ratio was 2.9 percent, well within regulatory requirements.
Return on equity stood at 28 percent, while the cost-to-income ratio improved to 45.9 percent. The bank’s capital adequacy ratio remained strong at 17.2 percent.
“We’ve built an efficient, well-capitalised institution,” said Mr Nsekela. “This allows us to grow while managing risks and delivering value.”
The bank’s partnerships with local and global institutions helped mobilise more than USD 700 million to support key sectors like trade and agriculture.
Of this, USD 45 million was channeled to boost regional trade through CRDB’s subsidiaries in Burundi and DR Congo.
The efforts helped create more than 10,000 jobs.
“These outcomes underscore the impact of our collaborative strategies with both local and international partners,” said Mr Nsekela. “Whether in trade finance, youth empowerment or climate-conscious investments, our commitment is to shared prosperity.”
In response to the record profit, the Board of Directors has recommended a 30 percent increase in the dividend per share, from Sh50 to TZS 65.
Investors at the forum welcomed this move, seeing it as a sign of the bank’s strong performance and future outlook.
The bank also presented its first-quarter results for 2025 where the bank earned TZS 173 billion after tax, up 36 percent from the same period last year.
Interest income rose to TZS 308 billion.
“We are encouraged by the positive momentum at the start of 2025,” said Mr Nsekela. “Our focus remains on accelerating digital transformation, expanding our regional footprint, empowering entrepreneurs—especially young people and women—and enhancing our climate finance agenda.”
CRDB Bank Board Chairman, Dr Ally Hussein Laay, reassured investors that the bank’s leadership remains focused on sustainable and long-term growth.
“As we celebrate 30 years of CRDB’s journey, these results speak to our strategic clarity and resilience,” said Dr Laay. “We have a solid foundation to drive future growth, and I urge our investors to continue trusting in their bank.”
He invited shareholders to attend CRDB’s 30th Annual General Meeting on May 17, 2025, at the Arusha International Conference Centre.
The meeting will be preceded by a special Shareholders’ Seminar, which will be graced by Vice President Dr Philip Mpango.
“It will be a momentous occasion to reflect on our achievements and chart our future together,” Dr Laay said.
Investors at the forum expressed confidence in CRDB’s direction and praised its consistent communication.
“CRDB continues to stand out for its strong performance, clear direction and robust regional strategy,” said Prof Mohammed Warsame, chief executive of iTrust.
