Dar es Salaam — DCB Commercial Bank Plc, the first financial institution in the East African region to list at the stock market has yet again recorded a robust performance after posting Tsh1.9bn ($1.17m) profit after tax by December last year.
Due to this success, the bank has paid a total of Tsh954.2m ($589,562) dividend to its 420 shareholders in a colourful ceremony held in Dar es Salaam.
The bank's Managing Director and Chief Executive Officer, Edmund Mkwawa told East African Business Week that in the last ten years the bank has performed superb, a move which enabled the bank to make profit yearly, thus allowing it to pay the dividend to its shareholders in five consecutively years.
When asked by East African Business Week on how much profit does the bank anticipate to rise this year, Mkwawa said due to strategies that the bank has set, they expect to double profit by this December.
"We anticipate to raise Tsh3bn ($1.85m) profit after tax by December this year, this will be achievable due to a number of products that we plan to launch this year, including the opening of new bank branches," Mkwasa said.
According to Mkwawa, in order to save its corporate customers better, the bank has already initiated a new product known as 'Corporate Window' aimed to answer all inquiries being raised by its corporate customers.
He added that among the strategies that would enable the bank to meet its goals include the launch of 'Internet Banking' product which allows its customers to access banking services through internet.
Another product is 'Agency Banking' which allows the bank's customers to access banking services via agency.
According to Mkwawa, the bank has already appointed 500 agencies around the country. "These agencies will help to facilitate financial transaction to our clients without the need to visit bank premises."
The bank is also planning to launch 'Financial Alert System (FAS)', a product which facilitate its clients to get 'Alerts' to whichever transaction is being done to his or her accounts.
He also said the bank is expected to launch three more branches in Dar es Salaam between December this year and earlier next year. "This would enable the bank to grow its branch networking to 9-branch," he said.
source: all africa
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