AFTER starting to make profit from its Burundi subsidiary, CRDB Bank is set to expand its services to Zambia, the Comoros and Uganda, it has been announced.

Speaking in Arusha yesterday at the CRDB Annual Shareholders Meeting, Chairperson of CRDB Board of Directors Ally Laay said that in 2023, the company experienced a blend of successes and challenges.

On success, Laay said that some of the bank’s subsidiaries made positive contributions to the group’s performance, notably CRDB Bank Burundi S.A. which achieved 30.7 percent year-on-year growth in profits after tax (PAT), reaching 30.2bn/-.

“The Burundi subsidiary is marking a 10-year milestone with an impressive performance,” said Laay, adding that it was the right time for the group to expand to eastern and southern Africa regions.

“We will start with Zambia and then sail across to the Comoros as well as Uganda and later Rwanda,” he said.

Abdulmajid Nsekela, CRDB Managing Director and Chief Executive Officer, said the group has advanced with the implementation of its new medium-term strategy.

“Our bank made significant progress in financial performance by capitalizing on opportunities within our markets,” he said.

CRDB Group boasts PAT amounting to 422.8bn/- in the financial year ending 2023, marking 20.3 percent year-on-year growth from the previous 351.4bn/- that was realized in 2022.

According to the Bank's yearly report, this milestone represents the highest profit ever recorded in CRDB's history, showcasing the group's potential as an organization.

As result, the bank has upped dividend payments per share from 45/- to 50/-. This year, a total of 130.6bn/- will be disbursed to the bank’s shareholders following the group's profits.

Still, all is not sunny with the Bank's undertakings because CRDB’s newly established subsidiaries, Insurance Company Limited and CRDB DR Congo recorded losses of 1.7bn/- and 4.2bn/- respectively.

The total subsidiary contribution to the group profit after tax stood at 6 percent, indicating a growing potential for profitability.

But as far as the board chairperson is concerned, CRDB Group is committed to sustaining this growth trajectory by continuing to invest in new opportunities.