The government is celebrating a significant boost in CRDB Bank's dividend, which surged by nearly 30 percent to reach 45.8 billion Tanzanian shillings, compared to the 36.0 billion paid out in 2021, the dividends allocated to the treasury and its affiliated institutions have seen a remarkable rise. This translates to 45 TZS per share, up from the previous 36 TZS This notable increase can be attributed to the bank's exceptional performance in the previous year. Denmark's Danida Investment Fund (DIF), representing the government, possesses a 21 percent stake in CRDB Bank, while various other state-owned institutions collectively own 17.1 percent of the lender's shares. The surge in dividends is a direct result of CRDB Bank's impressive net profit of 351.4 billion TZS, an increase from 268.2 billion TZS achieved the previous year. Dr. Mwigulu Nchemba, the Minister for Finance and Planning, expressed his delight while receiving the dividend check, highlighting the government's satisfaction with the bank's performance. He noted that the consistent rise in shareholders' dividends is indicative of CRDB Bank's growing strength each year, thanks to prudent financial strategies that foster trust from both local and international investors. "The increase in dividends clearly demonstrates that our CRDB Bank is becoming stronger every year, owing to its sound financial strategies that instill trust in both local and international investors," Dr. Nchemba stated in Dar Es Salaam over the weekend. The Finance Minister revealed that the dividend paid to the government would support the implementation of projects outlined in the 2023/2024 budget. He commended the bank for diligently executing its 2018-2022 medium-term strategy, resulting in a remarkable 875 percent growth in profit over the past five years. Dr. Nchemba confidently predicted another substantial dividend in the coming year if the bank maintains its current pace, pointing out that it had already achieved a post-tax profit of 90 billion TZS in the first quarter of this year. Moreover, Dr. Nchemba, an economist himself, praised CRDB Bank for expanding its business both within and outside the country. The bank recently acquired a license to establish a subsidiary in the Democratic Republic of Congo (DRC) and obtained a license for a fully-fledged CRDB Insurance Company. It has also established the CRDB Bank Foundation, which focuses on promoting economic inclusion through the IMBEJU program. Dr. Ally Laay, Chairman of the CRDB Group, credited the dividends to the unanimous approval of a total dividend of 117.5 billion TZS by shareholders at the annual general meeting held in Arusha. CRDB Group's Managing Director and CEO, Abdulmajid Nsekela, attributed the growth in shareholders' investments to the bank's successful implementation of its medium-term business strategy for 2018-2022. Nsekela highlighted the bank's significant operational achievements during this period, which led to the payment of over 1.1 trillion TZS in taxes over the past five years. Additionally, the bank has invested more than 14 billion TZS in social projects through its community investment policy. "Our new business strategy for 2023-2027 places a strong emphasis on stable reforms," stated Mr. Nsekela. The Deputy Minister of the Prime Minister's Office for Labor, Employment, and the Disabled, Mr. Patrobas Katambi, received the dividends on behalf of the social security funds and encouraged other public institutions in the country to invest in shares. CRDB Bank also distributed dividends to various government institutions and organizations, including PSSSF, NSSF, ZSSF, NHIF, Local Government Loans Board, Tobacco Farmers' Cooperative Association West (WETCU), Umoja Unit Trust Scheme, and councils in Mbinga, Shinyanga, Mufindi, Chunya, and Rungwe.