[2007-04-24]  NDB Pays Government P13 million in Dividends
The National Development Bank (NDB) has paid P12.774 million to government in dividends at the back of an increased annual net profit. "Based on the financial results for the year ended March 31, 2006, the board declared a dividend of P12.774 million payable to the government of Botswana. The dividend was paid at the end of March, 2007," NDB public relations manager, Baboloki Mojalemotho, said at the weekend.

Mojalemotho pointed out that based on the 12-month period - between April 2005 and March 2006 - the net profit rose by P13.2 million, or 35 percent, to P51 million.

"That notwithstanding, the bank experienced a reduction in interest income of P2.4 million," she said.

She said that other incomes reduced by P0.4 million as a result of a stagnant loan book that negatively affected corresponding fees and commissions.

Strategies are afoot to reverse the trend.

The bank's balance sheet grew by 31 percent, resulting in a new asset base of P741.5 million. The main growth was in liquid assets due to long-term borrowings.

"We would like to thank our valued clients, for whom this bank exists, and the government for its continuous support.

"The sustainable performance could also not have been achieved had it not been for the invaluable guidance from the board of directors and the dedication and commitment from the management and staff of the bank," Mojalemotho added.

The NDB board pursues a dividend policy that allocates 25 percent of the bank's net profit as return on shareholders' funds.


Copyright © 2007
Source: Copyright © 2007 Mmegi/The Reporter.