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Co-op Bank Shareholders Receive Ksh5.9 Billion In Dividends

[IMAGE/ COURTESY]

The shareholders of the Co-operative Bank Group have has ratified a dividend of Ksh1 per share, being the same level of dividend payout as for the previous year 2018.

This was announced during the 12th Annual General Meeting (AGM) held virtually on Thursday last week, October 22, 2020.

The Bank paid out Ksh5.9 billion in dividends to the 15 million-member Co-operative Movement for the year ended December 2019, in accordance with the regulatory guidance by the Capital Markets Authority (CMA).

Co-op Holdings Co-operative Society, the 64.5 percent strategic shareholder received a dividend of Ksh3.79 billion.

In the year under review, the bank reported a profit before tax of Ksh20.7 billion, a 14 percent increase from the Ksh18.2 billion in 2018

Due to Covid-19 pandemic, the bank revealed that Ksh39.2 billion in loans have been restructured as at the close of June 2020, to support customers on the Covid-19 pandemic.

The AGM ratified the re-election of 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 per cent shareholding by Co-op Bank in Jamii Bora Bank (now trading as Kingdom Bank).

Read: Co-op Bank Partners With Toyota Kenya To Finance Vehicle Purchases By Up To 95 Per cent

Co-op Bank was the overall Winner of the Kenya Bankers Association (KBA) 2019 Sustainable Finance Catalyst Award.

The bank was also named Best Bank in Sustainable Finance in Kenya at the June 2019 Energy Management Awards hosted by the Kenya Association of Manufacturers

Co-op was also named the winner of the Environmental Sustainability Reporting at the 2019 East African Financial Reporting (FiRe) Awards.

“More recently, Co-op Bank has been recognised with more accolades, including; Best Bank in Kenya Award, in the African Banking Awards 2020 by EMEA, Energy Manager of the Year in Sub Sahara Africa award to the bank’s Energy Manager Albert Ouma by the global Association of Energy Engineers,” the Bank said in a statement.

The Bank has already reported Profit before Tax of Ksh9.6 billion for the second quarter of this year.

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Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

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