The Co-op Bank has disbursed the year 2023 dividend payout to shareholders at the rate of Kshs 1.50 per share, which amounts to a total cash payment of Kshs 8.8 billion.
“The Co-op Bank Group aims to deliver a sustained increase in shareholder value by retaining a strategic focus on sustainable growth, resilience, and agility,” said Co-operative Bank of Kenya Group Managing Director, Gideon Muriuki.
The Bank has maintained a consistent dividend payout on the back of sustained profitability over the years, with Year 2023 posting net earnings of Kshs 23.2 billion.
The dividend payout, which is equivalent to the one paid in year 2022, was approved by the regulators, and by shareholders at the bank’s Annual General Meeting held on Friday, 17th May 2024.
The payout represents a significant cash injection to the Bank’s strategic and majority shareholder Co-op Holdings Co-operative Society which represents Kenya’s Co-operative Movement.
Co-op Holdings Co-operative Society is set to receive Kshs 5.7 billion in dividends for its 64.5% stake. The other beneficiaries of the dividend include key Savings and Credit Co-operatives (Saccos) that include Harambee, H&M, Kenya Police Sacco, Afya and Masaku Teachers.
Co-operative Bank of Kenya Group has built sufficient capital buffers through a prudent retention strategy that has boosted total shareholder funds to Kshs 127 billion.