Along with the overall banking sector in Tanzania, CRDB Bank Plc (DSE:CRDB) reported impressive results for the year 2022, a 31% profit growth while the earnings per share grew from TZS 103/- in 2021 to TZS 135/- in 2022. The annual net profit jumped from TZS 268.2 billion in 2021 to TZS 351.4 billion in 2022, as a result of growing both, interest and non-interest income streams.
Interest income went up 20% to TZS 929.6 billion, while non-interest income grew by 13% to TZS 400.3 billion. Non-interest income was still dominated by fees and commissions by 73% from 79% in 2021, while the section’s growth was spearheaded by the growth in foreign exchange business which went up by 50% to TZS 56.7 billion. Non-interest income accounted for 36% of the bank’s total income for the year 2022, similar to the year 2021. The growth in interest income resulted from a 36% and 40% growth of the loan portfolio and investment in Treasury securities respectively while the quality of loans improved to a NPL ratio of 2.8% from 3.3% in 2021.
