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

Standard Bank Plc Board and Management after the AGM

* Register a net profit of K52.5 billion — representing a 34% increase over 2022

* We’re grateful for the impressive results registered so far. They show tremendous progress and hard work is being put in

Maravi Express

Standard Bank Plc shareholders 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.

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The shareholders also applauded the Malawi Stock Exchange-listed 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 — representing a 34% increase over 2022.

Speaking during the AGM, secretary general of 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,” he said. “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.”

In response, chairperson of human capital committee of the Board, Shadreck Ulemu disclosed that the bank has recently effected a 39% increase in salaries, adding that employees are accessing other benefits, which include education and continuous professional development.

Board chairperson Chris Kapanga

Chief Executive Phillip Madinga

On the 2023 performance, Board chairperson, 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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