Customers key to profitability says Standard Bank of Malawi: Shareholders to pocket K3bn in dividends

Standard Bank, listed on the Malawi Stock Exchange (MSE) says delivering superior customer experience and innovative financial solutions holds key to its profitability.

Harawa: Service to our customers
Harawa: Service to our customers

The bank’s chairman Dr Rex Harawa and Chief Executive Officer Andrew Mashanda said this in a joint statement accompanying financial results for 2015, and released to shareholders at the bank’s Annual General Meeting in Lilongwe.

“Our strategy remains to service our customers to meet their financial needs, to continually innovate in order to offer high standards of customer service and cost effective delivery channels,” reads the statement.

While decrying the country’s deteriorating economic environment, mainly a result of budget aid withdrawal, floods and drought, the bank remained optimistic of future prospects and stared the recession in the eye.

“The group posted a good set of results against this tough economic environment,” said the joint statement.

It said Standard Bank looked forward to remaining a strong market leader. “We continue to focus on risk and capital management to ensure sustainable profitable growth,” it said.

It also cites cost containment, prudent management of risk and liquidity and diversification of the balance sheet as some measures to contribute to the bank maintaining its strong market position in 2016.

During the AGM, shareholders endorsed a final dividend of K12.82 per share representing K3 billion, up from K10.68 per share or K12.82 billion. They also nodded to an increase in perks for the bank’s, re-election of two directors, appointment of a new director and re-appointment of auditors KPMG.

Chief Financial Officer Temwani Simwaka told the media after the AGM that despite a difficult economic situation, the bank remains optimistic of prospects in the country. “There are obviously many challenges, but the bank is seeing opportunities,” she said.

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