Standard Bank Malawi Board of Directors has appointed veteran insurer Chris Kapanga is the new Standard Bank Malawi Board of Directors chairperson.
He replaces Ngeyi Ruth Kanyongolo who has retired as director.
Kapanga, 63, has a Master’s Degree in Business Administration (MBA) from the University of Cape Town (UCT).
Chris Kapanga
He has previously served on the boards of Marsh Insurance Brokers Malawi and Blantyre Sports Club as Chairperson and as Non-Executive Director on the boards of Press Corporation, National Bank of Malawi, Pride Malawi, Old Mutual Infrastructure Fund and Mwaiwathu Private Hospital.
Kapanga is also Member of the National Planning Commission (NPC) Core Advisory Panel and the Malawi Council of Legal Education.
Meanwhile, the shareholders for Malawi Stock Exchange-listed bank on Thursday approved a final dividend payout of K20 billion, representing K51 per share.
During the bank’s Annual General meeting held in Lilongwe, Standard Bank Malawi Board outgoing Chairperson Dr. Kanyongolo said despite operating in an environment characterised by scarcity of foreign currency and fuel, rising inflation and intermittent electricity supply the bank managed to grow its balance sheet which in turn resulted in higher profitability compared to preceding year.
The bank posted an increase in after-tax profit for the year ended December 31 2022 by 58 percent to K39 billion driven by growth in revenue from lending and cost-cutting operations.
Meanwhile, the bank’s chairperson, Dr. Kanyongolo alongside other board directors, Allan Chinula and Catherine Mtonda have retired having served the bank for 10 years and have been replaced by Christopher Kapanga, Christina Chithila and Maziko Sauti Phiri
