Africa-Press – Tanzania. CRDB Bank, one of the largest in the country, said yesterday it will hold a physical annual general meeting (AGM) in Arusha this Saturday unlike last year’s virtual one.
The lender last year staged a virtual meeting and attended by some 1,400 shareholders that live streamed from Dar es Salaam due to Covid-19 challenges.
CRDB Group Managing Director and CEO Abdulmajid Nsekela said the AGM will be live streaming and those who will fail to attend physically will do so virtually.
“This will be an historical AGM to be held using traditional and modernity platforms,” Mr Nsekela said told reporters in Arusha.
The bank chief said based on the experience gained during the 25th online conference, shareholders also adopted a resolution to enable the 26th AGM to be held both ways— physical and virtue.
Further CRDB said Minister for Finance and Planning, Mwigulu Nchemba is expected to be the AGM chief guest.
Traditionally the seminar will first come and thereafter followed by the AGM on Friday. CRDB pre-tax profit increase by 15 per cent to 236bn/- last year compared to 175bn/- in previous year.
And the bank has proposed a 22/- dividend a share up from 17/- of previous.
This February, Bank of Tanzania (BoT) issued a new circular with immediate effect that banks are allowed to offer bonuses and dividends after maintaining cost to income ratio (CIR) below 55 per cent and NPLs not exceeding 5.0 per cent.
