CRDB Bank’s 2024 Performance

In 2024, CRDB Bank’s performance was characterized by significant financial growth and strategic expansion. The bank’s profit after tax increased to TZS 551 billion, a 30% rise from 2023, while profit before tax grew by 40%, reaching TZS 784 billion. The total assets increased by 25%, totaling TZS 16.6 trillion, and customer deposits grew by 8%, reaching TZS 10.9 trillion. Additionally, loans and advances expanded by 23%, totaling TZS 10.4 trillion. These figures highlight CRDB’s ability to navigate the challenges in the regional and global economy and continue its solid performance.

The bank also made strides in regional expansion, with a growing presence in Burundi and the Democratic Republic of Congo (DRC), and plans for further expansion into Uganda, Comoros, and Zambia. The Bank of Tanzania granted CRDB the first-ever No Objection Certificate (NOC) for international expansion, allowing the bank to increase its footprint and diversify revenue streams. This expansion will allow CRDB to provide essential financial services to underserved regions and strengthen its position in the East African market.

Digital transformation was another key focus for CRDB in 2024. By the end of the year, 97% of transactions were conducted digitally. The bank’s AI-powered service system, Elle, which allows customers to access services via WhatsApp and the website, has improved customer interactions and made banking more efficient. This digital focus also extended to small businesses and MSMEs, resulting in a 45% increase in MSME loans.

CRDB has also emphasized corporate social responsibility (CSR) through initiatives like the Imbeju Kilimo Program, which provides financial literacy, seed capital, and entrepreneurship education to small-scale farmers and businesses. Over TZS 9.1 billion in seed capital was distributed to 303,767 beneficiaries, contributing to poverty reduction and economic empowerment. These efforts reflect CRDB’s broader commitment to supporting socio-economic development and financial inclusion.