CRDB Bank targets 80bn/- pre-tax profit

CRDB Bank is this year expecting to generate 80bn/- in pre-tax profit notwithstanding the challenges engulfing the country’s macroeconomic fundamentals.
CRDB Managing Director Dr. Charles Kimei told reporters in Dar es Salaam that the bank has so far garnered 63bn/- in pre-tax profit for the first nine months of the year.

‘‘We are confident of meeting our target,’’ Dr Kimei said, noting that profit for the full year of 2010 was 66bn/-. The nine-month pre- tax profit for this year is an increase of 22 percent from the amount earned in the same period last year, which experienced less volatile money market. Dr Kimei said despite the challenges, customer have continued to bank with CRDB as total deposits have increased by 2bn/- In three months to close the third quarter at 2.3trn/-

‘‘The shilling depreciation and inflation erode saving ability but we are thankful to our customers’ confidence on us, we have customer deposits going up,’’ said Dr Kimei.
The shilling as per 2nd November trading had reached 1,840/- a dollar after depreciating by over 20 per cent since September 2010, while inflation stands at 16.8 per cent from 6.4 per cent from September, last year.

MD-Press_Conference

CRDB Bank Managing Director  Dr. Charles Kimei addresses reporters for the year 2011 third quarter Bank performance in Dar es Salaam. He is flanked by the Company Secretary Mr.John Rugambo.