The CRDB stock price kept its positive momentum after appreciating by 2 per cent to close at 510/- during yesterday’s trading session according to the Dar es Salaam Stock Exchange (DSE) data.
The bank’s stock closed last week’s trading session 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 preceding 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.
Brokers at the Dar es Salaam Stock Exchange (DSE). The CRDB stock price during yesterday’s trading session closed at 500/- per share for the first time in nearly nine years. PHOTO | COURTESY.
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.
Orbit Securities said in its weekly market wrap-up said that those who bought the share at 95/- have realised a remarkable capital gain of 426 per cent at current levels.
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