CRDB Bank share price edges to 500/- for the first time in nine years

The CRDB stock price during yesterday’s trading session closed at 500/- per share for the first time in nearly nine years as a result of recent weeks’ steady price growth according to data from the Dar es Salaam Stock Exchange (DSE).

CRDB during the closer of last week’s trading session sustained its bullish run registering an increase of 1.06% closing the week at 475/- per share.

According to Berre Christopher a Financial Analyst AT Alpha Capital, the increase in the price of CRDB shares reflects growing investor confidence, which is an important indicator of a company’s success.

“It also indicates that investors believe that this banking institution remains in good health and will continue to remain so in the future. With its strong financials, CRDB has a healthy balance sheet, and this strong performance will be beneficial for shareholders and other stakeholders alike,” Christopher said.

The Dar es Salaam Stock Exchange (DSE)-listed lender registered a record net profit of 353bn/- last year from 268bn/- posted in 2021 driven by an increase in revenue following concerted efforts to grow the non-funded income stream.

CRDB’s non-funded income grew by 13 percent year on year to 400bn/- from 354 bn/- recorded in the preceding year.

Within the past five years, CRDB Bank’s net profit rose from 64bn/- in net profit in 2018 to the current 351bn/- .

CRDB shareholders will smile all the way to the bank next month as  The bank is expected to issue a dividend of between 45-47/- per to its dividend policy and historical payout ratios.