Dr. Mpango Praises CRDB as Successful Example of Privatization

The Minister of Finance and Economic Planning, Dr. Philip Mpango, told Dodoma over the weekend that the privatized CRDB in 1995 remained one of the most rewarding businesses in the Treasury because it maintained a payment split for decades.

"Today, you have made me very happy and proud of you, because the division you have paid today will go a long way to fund the government's key strategic development projects in the coming fiscal year. "said Dr. Mpango after receiving a fake check. for 9.9 billion dividends.

He said that as one of the majority shareholders with 21% of the shares, the Treasury is confident that CRDB will remain a very profitable investment for all shareholders, including ordinary Tanzanians.

"Allow me to thank the management and staff of the bank, supported by the Board of Directors, for continuing to make us proud as shareholders because of the good results of this truly Tanzanian bank, since 80% of its participation belongs to the local population, including pension funds and individuals, "said Dr. Mpango. added.

He added that the Dar es Salaam-based bank, which has made more than $ 60 billion in pre-tax profits, has made a significant contribution to development by paying taxes, creating jobs and investing in social services. framework of its social responsibility.

Mr Mpango also congratulated the management of the bank because, this year, the results announce as a new year of success, with a pre-tax profit of 30.7 billion EUR / in the first quarter of this year, compared with 9.7 billion EUR / – during the same period of the previous year. year.

The chair of the board of directors of the CRDB, Ally Laay, informed last year that the pre-tax profit of the bank had increased by 77%, from 36.2 billion euros in 2017.

"This year's dividend is up because of last year's good performance, when earnings climbed to 36.1 billion euros in 2017," said Laay, thanking the government for improving the climate. business in the banking sector through several regulatory reforms.

He added that during the year under review, the management and board of directors of the CRDB also took several steps to ensure that the level 1 bank of the country again extremely profitable after a lull in 2017 due to market competition.