Co-operative Bank of Kenya maintains $67m dividend as profit rises 5%

AFRICAN STOCKS AND FINANCEMarch 24, 2024 at 6:53 AM UTC

TLDR

Co-operative Bank of Kenya recorded a 5.2% growth in net profit, reaching Sh23.2 billion in the financial year ending December 2023.
The board has proposed a dividend of Sh1.5 per share, totaling Sh8.8 billion, subject to shareholder approval at the upcoming virtual annual general meeting on May 17, 2024.
Co-op Holdings Co-operative Society Limited, the top shareholder with a 64.56% stake, could receive Sh5.68 billion from the dividend payout.

In the financial year ending December 2023, the Co-operative Bank of Kenya reported a 5.2% growth in net profit, reaching Sh23.2 billion (c.$176 million`). This increase was attributed to higher income and reduced operating costs compared to the previous year, where the bank posted a net profit of Sh22 billion.

In line with this performance, the board has recommended a dividend of Sh1.5 per share, totaling Sh8.8 billion, which matches the dividend payout of the previous year. This dividend proposal is subject to approval by shareholders at the upcoming virtual annual general meeting scheduled for May 17, 2024.

Co-op Holdings Co-operative Society Limited, the top shareholder with a 64.56% stake, stands to receive Sh5.68 billion from this dividend payout.

Key Takeaways

Dividends are important in stock investing because they give shareholders a steady source of extra money. Large corporations that make a lot of money and have stable finances usually pay significant dividends. Investing in these companies can benefit in two ways: your shares can become more valuable over time, and you get regular dividend payouts.

$1/Sh131.90 as of Sunday 7:50 WAT

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