By Mohamed Massaquoi

Chairman Board of Directors of the Standard Chartered Bank SCB Wednesday disclosed that the 2007 was a very challenging year for banking institutions.

Alex Kamara said SCB still continues to maintain it business momentum and delivering positive results to it customers.

He made this statement during the bank's 37 th annual general meeting held at the Atlantic Hall, National Stadium in Freetown .

He said despite the financial difficulties in 2007, SCB was able to live up to the expectations of it customers. He added that the Bank delivered a net profit after a tax of Le 7.9 billion and declared a dividend of 0.4 per share after the adjustment of capital and statutory reserve.

“Standard Chartered Bank delivered good results, despite operating in a very challenging environment. In December 2007, the Bank made a bonus share issue of one share for every two shares held as at 30 th November 2007,” he said.

Kamara said the increasing minimum paid-up share capital from 6.5 billion to Le 9 .8 billion ensuring compliance with a minimum level of Le 9 billion as at December 2007. He maintained that the bank has consolidated its competitive position in the market and it will continue to be leaders of the Banking industry.

The appointment of two new Non- Executive Directors in the persons of Dr. Claudius Bart Williams and Humphrey Mukwereza climaxed the occasion.