THE shareholders of CRDB Bank have all reasons to smile this weekend as the board proposed a dividend increase of 64 per cent for 2021. The increase, one of the highest, rose from 22/- in 2020 to 36/- in 2021, but is subject for approval by the annual general meeting (AGM)--the shareholders themselves.
The proposed dividend increase was due to the lender's continuing stellar performance, where pre-tax profit rose to 387bn/- from 236bn/- in 2020.
The Bank Managing Director Abdulmajid Nsekela said yesterday the AGM would also be held digitally as "hybrid meeting" to provide opportunities for more shareholders to participate as not all can travel to Arusha.
"Based on the experience we gained on the 26th AGM, which was held on the first time in both ways--(virtual and physical) last year, same method will be used on Saturday," Nsekela told journalists in Arusha yesterday. A number of agendas will be discussed during this year's meeting which include election of some board members, to appoint auditor, and to discuss 2021 audited financial statement report.
The MD who is also the CRDB Group CEO said the virtual meeting was used during the restrictions of Covid-19 but proved useful post pandemic and the bank adopted it.
"We have set guidelines on how to participate in the online conference in our website ww.crdbbank.co.tz and our social networks, but also instructions have been sent a text message to shareholders," said Mr Nsekela assuring shareholders that the AGM preparation are completed. The CRDB's AGM traditionally is preceded by a seminar special to shareholders to promote awareness of various financial issues and investment in capital markets.
The seminar will be held on Friday at Arusha International Conference Center (AICC). The Guest of Honour at the seminar is expected to be the Minister of Finance and Planning, Dr Mwigulu Nchemba, where various topics will be presented by experts of finance, legislation and investment in capital markets.
Explaining the motto of this year's AGM of "Sustainable Value", the bank's Director of Communications, Ms Tully Mwambapa, said it explains how the bank has been improving in performance thus leading to growth.
