From Awareness Times Newspaper in Freetown

Local News
In Sierra Leone, Standard Chartered Bank Hold 39th AGM
By Bampia Bundu
May 31, 2010, 12:40

The largest and oldest commercial bank in Sierra Leone, Standard Chartered on Thursday 27th May 2010 held its 39th Annual General Meeting at the National Stadium Hostel in Freetown to review the bankís financial activities for the fiscal year 2009.

Delivering his statement the Board Chairman Mr. Alex B. Kamara noted that in 2009 the bank made bonus share issue of 1 (one) share for every 4 (four) shares held as at 30th November 2009 thus increasing minimum paid up capital to Le15.3billion in compliance with Central Bank Directives. He stated that similar capital adjustments were made in 2007 and 2008, though dividend payment will be made in May 2010.

The Board Chairman further disclosed that the financial year under review was overcast by the continued impact of the global financial and economic crisis, which was precipitated in August 2007 by the collapse of the sub prime lending markets in the USA, adding that Africa, including Sierra Leone was impacted by a drastic fall in export receivables, Inward Remittances and Foreign Direct Investments. He however said that they anticipate that 2010 will show a modest recovery. "Notwithstanding that, 2009 as challenging as it was the bank performed well in the Sierra Leone market our strategic focus and attention to the basics of banking resulted in the bankís good financial performance during the turbulence year", he informed. He commended both the CEO and the MD for their leadership role in the bank.

Taking the podium, C E O Albert Richard Saltson noted that the Bank recorded positive growth in revenue, commercial assets and deposits during 2009 as according to him the bankís total income grew by 31%-from Le32.4billion to Le42.8billion. He however, said that Net interest income declined by 11% to Le17.8 billion largely due to decline in Treasury bill interest rates. He concluded by stating that they believe that their strategy they are following will provide a strong foundation for their growth in the years to come

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