Maendeleo Bank announces dividend increase by 69 pc for 2023

DAR ES SALAAM: Maendeleo Bank has announced a significant increase in dividends 69 percent for 2023, thanks to the strong bank’s financial performance.

Announcing the dividend on Wednesday in Dar es Salaam, the Acting Director of the bank, Mr Peter Tarimo stated that the shareholders will receive 44 shillings per share, a substantial rise from 26 shillings in the previous year.

According to Mr Tarimo the increase of dividend was due to a remarkable profit surge, with the bank earning 2.35bn/- after tax in 2023, up from 1.4bn/- in 2022.

“The Bank of Tanzania has approved this dividend, which was also approved by the General shareholders Meeting held in June 2024 recommended that the dividend be paid in shares instead of cash as was previously,” he said.

He said these strategic move aims to strengthen the bank’s capital base, providing a foundation for continuity growth and profitability.

Mr Tarimo also highlighted that the bank’s success stems from well-executed strategies and strong partnerships with customers and stakeholders.

He said the bank’s capital has grown by 12 per cent, from 17.0 bn/- in 2022 to 19.0 bn/- in 2023.

Maendeleo bank continues to expand its reach, with over 2006 agents now operating in 11 regions nationwide.

On his part the Manager of shareholder registration and bond custody, Mr Gidion Kapange urged eligible shareholders to update their banking details by August 16.

He said the measure aims to ensure that all shareholders benefit from the bank’s success.