Standard Bank shareholders applaud performance, to pocket K25.4 bn in dividends

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Shareholders of Standard Bank Plc, listed on the Malawi Stock Exchange will smile to the bank to withdraw a total dividend of K25.4 billion or K108.24 per share for the financial year ended December 31, 2023, the bank’s Annual General Meeting agreed on Thursday.

The shareholders also applauded the bank’s management and staff —led by Chief Executive Phillip Madinga—for navigating a difficult economic environment to register a net profit of K52.5 billion. This represents a 34% increase over 2022.

Speaking during the AGM, Secretary General of the Minority Shareholders Association of Listed Companies Frank Harawa said the equity owners are happy with the recent results, which reflect success in the pursuit of Standard Bank’s operating strategy.

“We’re grateful for the impressive results registered so far. They show tremendous progress and hard work is being put in. We also hope that as we review shareholders and executive management pay, employee’s remuneration is also a consideration,” said Harawa.

In response, Chairman of Human Capital Committee of the Board Shadreck Ulemu disclosed that the bank has recently affected a 39 percent increase in salaries.

He added that employees are accessing other benefits, which include education and continuous professional development.

On the 2023 performance, Chairman Chris Kapanga said despite operating in a difficult macro-economic environment, the bank demonstrated resilience.

“The group continued to operate in a challenging environment due to foreign currency demand and supply imbalances and high inflation rate,” said Kapanga in a joint statement with Chief Executive Phillip Madinga.

He said the bank’s total revenue grew by 57%, while loans and advances also increased by 25%. He added that net interest income grew by 60%, while non-interest revenue grew by 51%.

The bank also registered an increase in trading volumes which benefitted its net fees and commissions.

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