DCB Commercial Bank Plc’s Chief Commercial Manager, Zacharia Kapama said in Dar es Salaam this week that despite the challenges facing the industry, the Dar es Salaam based lender is getting stronger each year.
“We have made losses in the past two years but have since recovered and started making profits last year,” Kapama said saying the coronavirus pandemic and government’s decision to withdraw its cash from commercial banks to Bank of Tanzania’s central account affected DCB’s performance.
Established in 2002 as Dar es Salaam Community Bank, Kapama said DCB has seen its capital from 1bn/- then to 15bn/- this time around with presence in five regions of the country. “We hope to open two new branches this year in addition to investing heavily in digital technology to extend our services to rural areas,” he added.
He pointed out that the period of turmoil is over and that DCB which is listed at Dar es Salaam Stock Exchange is heading towards sustained growth. “With the good supervision from Bank of Tanzania, the banking industry is recovering and has since started lending to the government after mobilising deposits from the public,” the DCB Bank Chief Commercial Manager noted.
Last year, the bank made 2.3bn/- gross profit being an increase of 43 percent compared to 1.6bn/- made in 2018. The bank which made losses between 2016 and 2017 fiscal years, will hold a shareholders’ annual meeting on Saturday this week.
Commenting on other major changes that the bank will undergo, the bank’s Head of Marketing and Communication, Rahma Ngassa said they will launch a DCB Foundation later this year to take charge of corporate social investments.
“The foundation will also solicite funds from our partners and likeminded donors to back investments in community projects which will be part of giving back to the public,” Ngassa said while acknowledging that the bank has not been able to give back to the community in the past years due to poor performance. She hinted that the foundation will likely be launched during the third quarter of this year.