CRDB forecasts 70bn/- pre-tax profit

THIS year's second best large scale taxpayer, CRDB Bank, expects a pre-tax profit of 70bn/- by the end of this year.

The bank's Managing Director, Dr Charles Kimei, told journalists in Dar es Salaam last Friday that pre-tax profit reached 45bn/- in the past nine months this year.

"We have successfully managed to escape from effects of the global recession by continuing to operate on profit, thanks to our clients and committed staff," Dr Kimei said. Last year, the bank made a 60bn/- pre-tax profit.

The country's largest commercial bank in terms of deposits, net assets value and tax payment, also achieved an average 26-27 per cent growth in the same areas. Deposits grew to 1.7trn/-, while net assets peaked 1.9trn/- over the same period.

"As a corporate entity, one of the ways of contributing to community development is through paying all taxes on time and in full," the CRDB Plc chief noted.

The bank which was listed on the Dar es Salaam Stock Exchange last July, will likely pay less taxes this year, compared to last year because of incentives given to listed companies by the law.

Dr Kimei said the bank is appropriately paying taxes because of a state-of-the-art information communication technology system, installed at all its branches country-wide, which regularly alerts the managers on tax compliance.

The former Bank of Tanzania director promised clients more products and improved services next year, saying three more mobile branches will be on the road before the end of the year.

"These three mobile branches have a higher capacity because the Mitsubishi trucks have a 13 tons capacity compared to seven tons of our present trucks," he revealed.

The bank has also opened nine more branches this year, while two more will follow by the end of the year in Kariakoo and Zanzibar.

source: Daily News