CRDB Bank shareholders will learn of their 2018 earnings as the financial institution announces new dividends at the bank’s 24th Annual General Meeting to be held here this Saturday.
The bank’s decision comes when it has already recommended a dividend increase by 6 0 per cent per share from a remarkable net profit increase by 78 per cent to 6 4bn/- in 2018 against 36 bn/- of 2017. B riefing reporters here yesterday, CRDB Managing Director, Abdulmajid Nsekela said the bank would announce last year’s dividends to its shareholders, as part of its annual tradition.
“It’s important for our shareholders to come in their numbers as we announce their payments accrued from the bank’s profits,” explained Mr Nsekela.
Apart from announcing the dividends, CR DB is also set to adopt the Director’s R eport and audited financial statement for the year 2018 as well as receive audited financial statements for the year ended December 31, 2018 during the annual general meeting that will take place at the Arusha International Conference Centre (AICC).
“We’ll also, during the meeting review directors’ remuneration, appointment of external auditors and the election of board members,” he said.
Detailing on the election of the bank’s board of directors to be elected, the CRDB M anaging Director further disclosed that three of the elected will be representing shareholders owning shares below 1 per cent, one to represent those owning shares of less than and above 1 per cent, while one director will serve as an independent board director.
The meeting, according to M r Nsekela will be preceded by a shareholders’ seminar this Friday, which will be officiated by Prime M inister Kassim M ajaliwa.
The 24th CRDB ’s AGM will be M r Nsekela’s first meeting as the M anaging Director for the 23-year-old financial institution, as he takes the baton from Dr Charles K imei who retired last year.
CRDB remains as the leading bank in Tanzania from 2005, mainly due to its capital assets and branch network. The bank has over the years seen its branches grow from a mere 19 to more than 26 0 all over the country.
It was once declared as the ‘safest’ bank by an American magazine Global Finance. M eanwhile the bank will hold a pre Annual General M eeting (AGM ) seminar in Arusha tomorrow to educate shareholders on various issues related to investment opportunities.
CRDB M anaging Director and CEO Abdulmajid Nsekela said in a statement that the Prime M inister, K assim M ajaliwa is expected to grace the seminar ahead of the 24th AGM on Saturday.
“The shareholders will be educated on various issues relating to investments and other opportunities,” M r Nsekela said when speaking to journalists in Arusha yesterday.
The 24th meeting will be the first AGM for Mr Nsekela after taking over last October from Dr Charles K imei who led the bank from a loss making entity two decades ago to one of two biggest lenders in the country.
The successful succession saw the bank ending last year and first quarter of this year in a profitability zone.
The AGM , among other issues, will approve 8/- dividend proposed for 2018 by the board which is 60 per cent gain from 5/- of 2017.