The Co-operative bank of Kenya has become the first listed lender to announce that it is paying dividends to shareholders before the AGM set for next week.
The bank said it plans to pay shareholders a total of Ksh 5.9 billion in dividends on April 23.
The third largest lender in the country proposed to pay one shilling per share in dividends after it posted Sh14.3 billion in 2019 full-year net profit, representing a 12.6 per cent increase on the previous year’s earnings.
The lender says it plans to pay shareholders the proposed dividends on Thursday next week.
“With the current Covid-19 challenges, the critical need to release the much-needed funds to the grassroots in the over 15 million-member co-operative movement and in line with Capital Markets Authority guidelines, the bank is progressing to make the dividend payment for ratification at the next Annual General Meeting,” Co-operative Bank said through a statement.