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Latest Markets Summary

CompanyOpeningClosingHighLowChange (%)Volume
Data as of:Saturday, February 4, 2023 17:30 EAT
Source: Dar Es Salaam Stock Exchange
Data as of:Friday, February 3, 2023 10:00 EAT
Source: Bank of Tanzania
DCB PROFITS RISE BY 112%Profit before taxes rose from TZS 1.02 billion in 2021 to TZS 2.25 billion in 2022, an increase of 112%

The growing use of digital banking systems has contributed to a 112% increase in DCB Commercial Bank Plc's pre-tax earnings.

The bank reported a TZS 2.25 billion profit before tax in 2018, up from TZS 1.06 billion in 2021. This development was the result of an 11% increase in total income, which was related to rising interest income, which increased by 4% to TZS 28.61 billion from TZS 27.62 billion in 2021.

Additionally, non-interest income increased by 45% year over year (YoY) to TZS 10.4 billion in 2022 from TZS 7.2 billion in 2021.

The bank increased its non-funded income during the year, focusing on trade finance activities and foreign exchange activity, according to DCB's acting Chief Financial Officer (CFO), Mr. Siriaki Surumbu, who made the announcement yesterday.

The lender that was listed on the Dar es Salaam Stock Exchange (DSE) also profited from higher transaction fees brought on by the improved features and expanded use of digital banking platforms.

With its balance sheet position surpassing the TZS 200 billion thresholds and its total assets reaching TZS 214 billion last year, the bank further cemented its status as a mid-sized bank.

The 2018 asset base, which was valued at TZS 133 billion, contributed to the 61% rise in the balance sheet during the previous five years. Last year, the bank's gross loan book reached TZS 130.36 billion, a 4.0% increase from TZS 125 billion in 2021.

From TZS 28 billion in 2021 to TZS 41 billion in 2022, DCB investment in government securities increased by 44%. Because of the bank's deliberate efforts to increase its customer base, deposits increased by 11% from TZS 150 billion in 2021 to TZS 165 billion last year.

The bank received various honors during the year and shone at the Consumer Choice Awards Africa, where it won Most Preferred Bank in the Customer Service category.

However, the share price of DCB decreased by 16.67% to TZS 150 on February 2, 2023, from TZS 180 on February 2, 2022.