Co-operative Bank shareholders are set to receive their 2019 dividends of Sh1.00 per share, which amounts to a total cash payment of Sh5.9 Billion. The dividend payout is scheduled for next Thursday,23rd April.
In a statement, the bank said it is progressing to make the dividend payment for ratification at the next Annual General Meeting, in line with Capital Markets Authority guidelines.
The release of the Ksh 5.9 billion dividend payout is a welcome relief to the over 15 million-member co-operative movement. The payout is expected to offer a most timely relief and offer a boost to ongoing efforts to mitigate the severe economic hardships caused by the Covid-19 pandemic.
The Bank’s strategic and majority shareholder Co-op Holdings Co-operative Society representing Kenya’s Co-operative Movement is on line to receive a dividend of Kshs 3.79 Billion for its 64.5{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} stake.
This even as Cooperative Bank has maintained a solid dividend track record on the back of sustained profitability over the years.
The Year 2019 performance was especially remarkable with the Bank reporting a profit before tax of Kshs.20.7 Billion compared to Kshs.18.2 Billion recorded in 2018, a strong growth of 14{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} in the year. Profit after Tax was Kshs 14.3 Billion compared to Kshs 12.7 Billion in the previous year.