Tanzania’s leading lender, CRDB Bank is expecting to slow down employment after reaching critical mass and concentrate on technology, the bank said during the annual general meeting.
“We are going to slow down on expansion after reaching a critical mass... and expectation is slow expansion growth. The banks want to now manage costs by using information technology and our bank agents [FahariHuduma],” CRDB Bank Managing Director Dr. Charles Kimei told the bank shareholders in Arusha.
The lender has employed some 550 new staff despite challenges the industry faced last year.
The new staff ballooned CRDB number of workforce to about 3,200 serving at 250 branches across the country, after opening additional 76 branches in a single year.
In 2016, the bank recorded a pre-tax profit of 118.2bn/-despite what was described as a difficult year, specifically the final quarter.
Dr Kimei also noted that the bank remains steadfast in implementing activities aimed at ensuring growth in digital banking channels of services through mobile phones--SimBanking- -and through the internet, Internet Banking.
In the year under review, the bank added 58 ATMs installed and 850 new FahariHuduma agents to reach 2,558 agents.
The shareholders also approved a dividend of Tshs 10 a share for 2016 at a time when the bank share increased from Tshs 185 to Tshs 190 in a week. CRDB Chairman Ally Laay said despite the challenges they faced last year, the bank remains optimistic of posting strong results this year.
“It is against this context that we will exercise a cautious approach in implementing the bank’s strategy for 2017,” Mr. Laay said.
He said the bank will focus on consolidation and effective cost management and improving asset utilization to generate quality income and improve returns to shareholders.
He added that the bank will also continue to focus on risk and regulatory compliance to optimise the business and improve beyond financial performance.
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