Stakeholders of Standard Bank on Friday endorsed a payment of K12.82 per share as dividend. The amount, approved during the bank’s Annual General Meeting (AGM) held in Lilongwe last week, represents K3 billion as the final dividend payout.
This follows the bank’s nine percent increase in profitability and financial performance for the financial year 2015 with net profit rising marginally to K13.4 billion from K12.3 billion in 2014.
A statement accompanying the bank’s financial statements and signed by Standard Bank Chairman, Rex Harawa and Chief Executive Officer, Andrew Mashanda, said despite the difficult economic situation, the bank will focus on its strengths to keep growing its market position and remain profitable.
“In 2016, the [Group] will focus on delivering superior customer service, with the aim of attracting new customers and retaining existing ones. Our people remain the critical success factor in our efforts to provide excellent customer service. Growing our people is at the core of our strategy,” reads the statement.
The statement also cites cost containment, prudent management of risk and liquidity and diversification of the balance sheet as some measures which will contribute to the bank maintaining its strong market position in 2016.
Looking ahead, Standard bank Chief Financial Officer, Temwani Simwaka, said the bank hopes to remain competitive despite the difficulties facing businesses in the country.
“There are obviously many challenges, but the bank is seeing opportunities,” she said.
During the AGM, the shareholders re-elected directors Ngeyi Kanyongolo and Rex Harawa. The meeting also appointed Standard Bank Chief Executive Officer for East Africa, Gregory Brackenridge, as director on the Malawi bank board.