CRDB Bank pays 36bn/- dividend to Government

Following a solid performance posted by CRDB Bank Plc last year, the bank has paid 36bn/- dividend to the Government as one of its shareholders.

The government is the main shareholder in CRDB bank in collaboration with the Danish development agency (DANIDAS) while the National Social Security Fund (NSSF), the Public Service Social Security Fund (PSSF) and others hold 17.1percent of the bank’s shares.

The dividend pay-out is a result of the bank’s 268.2bn/- profit after tax obtained in the past year, with the bank’s annual general meeting recently unanimously approving a 36/-dividend payment per share, a rise of 64percent from the previous year, pushing total dividends this year to 94bn/-.

The bank’s board chairman Dr Ali Laay and the managing director, Abdulmajid Nsekela yesterday handed over a dummy cheque for the money to the Finance and Planning Minister Dr Mwigulu Nchemba received during a short ceremony held at Treasury head offices in Dodoma.

The minister during the event commended the bank for paying dividends which resulted from the bank’s performance during 2021, noting that the bank was fast growing.

“Paying dividends is also a sign that the strategies put in place are in the right track, he affirmed. The money collected will help in implementing projects outlined in the 2022/23 budget estimates, as the dividend reached 90bn/-, an increase of 111 percent from 43bn/- reported for 2020, he said.

The CRDB Board chairman Dr Ali Laay, said the bank was ready to work with the government especially in promoting the financial sector, as the bank was investing in technology, launching various banking channels like simbanking and mobile banking.