Shareholders of National Bank of Malawi (NBM), the Malawi Stock Exchange (MSE) listed financial institution, on Friday approved a final dividend K4.67 billion, representing K10 per share.
This follows another interim dividend of K2.5 billion paid in September last year in respect of profits of 2014, making a total dividend of K7.17 billion, which is K15.35 per share.
Speaking at the 43rd annual general meeting (AGM) held at the bank’s learning and growth centre in Blantyre, NBM board chairperson Mathews Chikaonda cherished the “satisfactory growth” against the background of a difficult first half of the year.
“We aim to pay about 50 percent of our after-tax profit in dividends and this year is no different,” he said.
Chikaonda said the bank is delighted to have delivered “good results”, performing even better than the previous year.
He promised their shareholders that the bank will perform even better in this financial year.
According to Chikaonda, the group registered a profit-after tax of K14.5 billion, a 14.3 percent increase compared to the previous year’s K12.7 billion.
He expressed confidence that 2015 will be a year of continued growth for the financial institution.
“The directors have ensured that the bank has strategies in place and that the bank is adequately resourced to address any challenges that any shocks in the economic environment may pose and exploit any opportunities that may come,” said Chikaonda.
Among others, the shareholders also approved fees and sitting allowances of the chairperson and non-executive directors with effect from January 1 2015.
The chairperson’s fees has been revised to K5.29 million from K4.2 million per year whereas those of non-executive directors is at K3.48 million from K3 million per year.
Sitting allowance for the chairperson is now at K164 000 from K140 000 while that of non-executive directors is K146 000 from K116 000.