CRDB Bank CEO on FY results & how COVID-19 has changed the business
Tanzania’s largest financial services provider CRDB Bank Plc has posted a $101.8 million pre-tax profit in the twelve months of 2020. The growth, which represents a 35 per cent increase from $75.5 million reported in 2019, comes at a time when the world is grappling with COVID-19. CRDB Bank Group Managing Director and CEO, Abdulmajid Musa Nsekela joins CNBC Africa for more.
Tue, 02 Feb 2021 10:16:45 GMT
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AI Generated Summary
- The impressive 35% increase in pre-tax profit for CRDB Bank in 2020 reflects the bank's resilience and strategic initiatives in a challenging year dominated by the COVID-19 pandemic.
- The bank's focus on digital transformation and customer-centric strategies, including significant investments in digital infrastructure, has driven efficiency, cost savings, and improved customer experiences.
- CRDB Bank has leveraged opportunities in trade finance and local infrastructure projects while benefiting from supportive measures by the Central Bank of Tanzania to restructure facilities for affected sectors, demonstrating the bank's commitment to supporting economic growth and development.
Tanzania's largest financial services provider, CRDB Bank PLC, has defied the odds by posting a remarkable pre-tax profit of $101.8 million in the challenging year of 2020. This profit marks a significant 35% increase from the previous year, showcasing the resilience and strategic initiatives implemented by the bank in the face of the global COVID-19 pandemic. Group Managing Director and CEO of CRDB Bank, Abdulmajid Musa Nsekela, sat down with CNBC Africa to discuss the bank's successful performance amidst unprecedented circumstances. The CEO expressed his pride in the bank's achievements, emphasizing the impressive growth in profits and total assets, which increased by 5.9%. Nsekela highlighted the bank's focus on digital transformation and customer-centric strategies as key drivers of their success. With the majority of their investments directed towards digital infrastructure, CRDB Bank has revamped its operating model to prioritize innovation and efficiency. The CEO pointed out that 85% of the bank's operations are now digitized, leading to significant cost savings and improved customer experiences. Additionally, the bank has introduced new products and services tailored to the needs of small and medium-sized enterprises (SMEs) and the agriculture sector, further diversifying their offerings. Despite the challenges posed by the COVID-19 pandemic, CRDB Bank has leveraged opportunities in trade finance and local infrastructure projects to support their clients and drive sustainable growth. Nsekela credited the supportive measures implemented by the Central Bank of Tanzania for providing relief to affected sectors and enabling the bank to restructure facilities for struggling businesses such as tourism. The CEO also stressed the importance of local players in driving economic development, particularly in key projects like the SGR rollout in the region. CRDB Bank has been instrumental in supporting major infrastructure projects in Tanzania, offering innovative financing solutions and technical expertise to enhance local participation and economic growth. Nsekela underscored the significance of collaboration between the public and private sectors in advancing development goals and fostering a thriving business ecosystem. As CRDB Bank continues to prioritize digital innovation and customer empowerment, the CEO remains optimistic about the bank's future prospects and its ability to navigate challenges while delivering value to stakeholders and the Tanzanian economy.
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