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Co-operative Bank dividend up 25pc as profit increases - 3 months ago, 21 Mar 21:53

Patrick Alushula

The Co-operative Bank Group has increased dividend payout by 25 percent to Sh5.86 billion as full year net profit grew by 11.6 percent to Sh12.7 billion.

Shareholders are set for Sh1 per share, up from Sh0.80, with the group’s earnings for the year ended December 2018 supported by growth in interest income and prudent cost management.

The profit is an improvement from previous year’s Sh11.4 billion. This keeps the bank in tune with four other tier one lenders that have also booked growth in earnings despite base lending rate having been lowered twice during the review period.

Group chief executive Gideon Muriuki hailed the performance as impressive, adding that focus on serving customers in digital age has re-tooled and equipped the business with added competitive edge.

“Our operating model has equipped the business with added resilience to achieve the set strategic objectives, as reflected in the commendable performance in the period under review,” said ...
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