POSB seeks shareholder approval for $17mln dividend payment

Business Reporter
THE People’s Own Savings Bank (POSB) directors are seeking shareholder approval for dividend payment amounting to ZWL$17,9 million.

According to a notice on the financial institution’s Annual General Meeting slated for the end of the month, POSB said,among other resolutions wound be:

“To approve that a dividend of ZWL$0,7661 per share totaling ZWL$17,889,385,00 be payable to the shareholders for the year ended 31st December, 2019 as proposed by the directors.”

In the six months period ended June 30, 2019, the bank posted a net profit of $24,70 million up from $8,11 million recorded in the comparative period ended June 30, 2018.

Net operating income for the half year increased by 99 percent to $43,33million from $21,74 million achieved in 2018, attributed to fair value gain on investment properties.