CRDB Bank said on Tuesday that this year’s Annual General Meeting (AGM) is a hybrid meeting that is conducted physically and virtually.
The aim of holding the hybrid meeting, slated for this Saturday, is to enable many shareholders to attend the meeting, either physically or virtually.
CRDB Chairman Dr Ally Laay said here that the last year’s AGM agreed this year’s meeting to be held in Dar es Salaam but the board reversed the decision based on the bank’s new business strategy for 2023-2027.
“The decision to go to Arusha was based on the voting of biggest shareholders with over 50 per cent stake in CRDB per the lender’s constitution agreement,” Dr Laay said.
Additionally, the changes concur with Companies Law no. 12 of 2002.
The chairman also said the 28th AGM will approve the dividend for 2022 where the board proposed 45/- per share which is over 20 per cent against 37/- in 2021.
Last year CRDB recorded a historical net profit of 353bn/- up from 268bn/- in 2021. The results were driven by an increase in revenue following concerted efforts to grow the non-funded income stream.
Nevertheless, the AGM will be preceded by a seminar that deliberated on the ‘cooperation between the government and CRDB to empower youth and women through IMBEJU programme’.
The seminar will also feature a youth innovation exhibition showcasing their various creative products at Arusha International Conference Centre (AICC).
CRDB Group CEO and Managing Director Abdulmajid Nsekela said that the bank’s shareholders will have the opportunity to discuss the new business strategy for the five-year medium-term 2023-2027.
The strategy-themed “Mageuzi Tahabiti” aims to strengthen the performance of CRDB and make it a leader in the East and Central African region. A fortnight ago, the lender received a license to operate in DR-Congo.
CRDB’s Corporate Affairs Director Tully Ester Mwambapa said the AGM theme explains how the lender keeps on improving in performance due to strategic changes made every year to warrant sustainable growth worth investing in.
CRDB share was trading at 500/- at the close of Monday trading up slightly from 490/- of last Friday. The bank is listed on Dar es Salaam Stock Exchange (DSE).