Co-operative Bank Shareholders Approve Ksh 5.9 Bn Dividend for FY 2019

Co-op Bank Reports 3.6% Drop in Profit, HY Operating Costs Rise 15.7% on Loans and Staff

Co-operative Bank Group shareholders are set to receive Ksh 5.9 billion hefty dividends which translate to Ksh 1.00 per share for the 2019 fiscal year.

This follows the conclusion of its 12thAnnual General Meeting (AGM) held virtually Tuesday.

Co-op Holdings Co-operative Society, the 64.5 percent strategic shareholder will receive a dividend of Kshs 3.79 Billion.

The bank has maintained a solid dividend track record on the back of sustained profitability over the years.  

According to the lender, its 2019 financial performance was remarkable with the Bank reporting a profit before tax of Sh20.7 Billion, a 14 percent increase from the Ksh 18.2 Billion in 2018, against a backdrop of a challenging operating environment.

The AGM ratified the re-election of Messrs Wilfred Ongoro, Lawrence Karissa, and Margaret Karangatha to the Board for another term of three years, and also ratified the election of Mrs. Weda Welton as a director of the Company.

The AGM also ratified the acquisition of 90 percent shareholding by Co-op Bank in Jamii Bora Bank (now trading as Kingdom Bank).

This year, the Co-op was named ‘best bank in Kenya’ at this year’s African Banking Awards 2020 for sound leadership, increased profitability and delivering affordable credit to the retail and wholesale markets.