Co-operative Bank of Kenya has announced a Sh8.8 billion dividend payout to its shareholders for the year ending December 31, 2024, following a robust increase in net earnings to Sh25.5 billion.
The dividend, set at Sh1.50 per share, maintains the bank’s consistent payout strategy, reflecting sustained profitability throughout 2024.
The payout will deliver a substantial cash injection to Co-op Holdings Co-operative Society, the bank’s strategic and majority shareholder – representing Kenya’s cooperative movement, which stands to receive Sh5.7 billion for its 64.5 per cent stake.
Co-op Bank Group Chief Executive Gideon Muriuki while releasing the lender’s financial performance in Nairobi, yesterday, attributed the bank’s earnings growth to increased interest and non-interest income, coupled with effective cost control, which bolstered the lender’s bottom line.
The lender reported a profit after tax of Sh25.5 billion, a 9.8 per cent increase from the Sh23.2 billion recorded in 2023.
Total operating income rose by 12.5 per cent to Sh80.6 billion, driven by a 10.1 per cent increase in total non-interest income which hit Sh29.1 billion and a 13.9 per cent surge in net interest income to Sh51.5 billion.
