CalBank to hold virtual AGM; proposes GHS55.7m dividend to shareholder

CAL Bank has announced to its shareholders its decision to hold a virtual annual general meeting on Wednesday, 24 June 2020.

It becomes the second public-listed bank to decide to hold a virtual AGM.

The bank said in a release to its shareholders that the virtual AGM will be streamed live to all shareholders from the conference room at the head office.

The bank also proposed a dividend of 8.9 per share to shareholders for the financial year ending 31 December 2019.

This will, however, be subject to approval at the AGM.

In all, GHS55.7 million would be paid to the shareholders.

In 2018, the final dividend paid was 4.8 pesewas per share.

This indicates that the dividend payout ratio for 2019 is 32.2%, the highest in seven years.

In view of the payment of the dividend, the Registrar of members of the company will be closed to the general public on Monday, 22 June 2020.

All members registered in the books of the company at the close of business on Friday, 19 June 2020, will qualify for the final dividend.

CAL’s 2019 Financial Statement

The indigenous bank recorded 13.2% year-on-year growth in profit to GHS173.41 million in 2019.

A total dividend of GHS55.77 million would be paid to shareholders in respect of the 2019 financial year.

And based on the net earnings of GHS173.41 million, the dividend payout ratio would be 32.2%, the highest payout ratio in the last seven years.

Source: classfmonline.com

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