Kenyan listed banks are set to generously reward their shareholders with a combined payout of Ksh 63.08 billion for the financial year 2023, expected on this Friday, the 28th. This exciting announcement follows a period of strong performance by the banks, with most reporting significant growth in net profits.
Equity Group Holdings, a regional banking leader, tops the list with a payout of Ksh 15.1 billion. The bank will maintain its dividend per share at Ksh 4, offering investors an attractive dividend yield of 11.9%.
Standard Chartered Bank Kenya will distribute a total of Ksh 10.96 billion, reflecting a substantial 31.8% increase from the previous year. Shareholders can anticipate a higher dividend per share of Sh 29, compared to Sh 22 in 2023.
Co-operative Bank will disburse Ksh 8.8 billion in dividends, keeping its dividend per share at Sh 1.5. This comes alongside a 5.2% growth in net profit to Sh 23.2 billion for the financial year. The largest shareholder, Co-op Holdings Co-operative Society Limited, will receive Sh 5.68 billion from its 64.56 percent stake.
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Absa Bank shareholders are in for a treat with a planned total payout of Ksh 8.42 billion, marking a 14.8% year-on-year increase. The bank declared a final dividend of Sh 1.35 per share, in addition to an interim payout of 20 cents per share, bringing the total dividend per share to a new high of Sh 1.55.
NCBA Bank will reward its shareholders with Ksh 7.83 billion, reflecting an 11.8% increase from the previous year. The dividend per share has been raised to Ksh 4.75 from Ksh 4.25 in FY 2022, following a remarkable 56.2% rise in the bank’s net profit. The dividend payout of Sh 4.75 per share follows the addition of a Sh 3 final pay to the interim Sh 1.75 declared last September.
Stanbic Bank shareholders will receive a total of Ksh 6.07 billion, a 22% increase from the previous year. The bank is raising the dividend per share to a record Sh 15.35 from Sh 12.60, marking the highest-ever payout in the lender’s history. The increased dividend per share will result in shareholders receiving a total of Sh 6.07 billion or 49.9% of the net earnings, compared to the previous year’s distribution of Sh 4.98 billion or 55% of its profit.
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I&M Bank will pay out Ksh 4.22 billion in dividends, reflecting a 13.3% year-on-year increase. The dividend per share has been raised to Sh 2.55 from Sh 2.25 in FY 2022. This marks the third consecutive year of increased dividends, matching the per-share distribution made by I&M in 2019.
DTB Bank will distribute Ksh 1.68 billion in dividends, reflecting a 20% increase from the previous year. The dividend per share has been increased to Sh 6.00 from Sh 5.00. This payout represents 24.3% of the net income for the review period, up from 23% the previous year when the lender posted a net profit of Sh 6 billion.