Equity and Absa Lead Banks in Dividend Distributions This Week
Kenyan listed banks are preparing to generously reward their shareholders with a cumulative payout of Ksh 63.08 billion for the financial year 2023, expected on this Friday, the 28th. This exciting development follows a period of strong performance by the lenders, with most reporting substantial growth in net profits.
Equity Group Holdings, the regional banking giant, leads the way with a Ksh 15.1 billion payout. The bank will maintain its dividend per share at Ksh 4, providing investors with a rewarding dividend yield of 11.9%.
Standard Chartered Bank Kenya is set to pay out a total of Ksh 10.96 billion, reflecting a significant 31.8% increase from the previous year. Shareholders can expect 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, maintaining its dividend per share at Sh 1.5. This comes despite a healthy 5.2% growth in net profit to Sh 23.2 billion for the financial year. The top shareholder, Co-op Holdings Co-operative Society Limited, will receive Sh 5.68 billion on its 64.56 percent stake.
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Absa Bank shareholders are in for a treat with a total payout of Ksh 8.42 billion planned, representing a 14.8% increase year-on-year. The bank declared a final dividend of Sh 1.35 per share, adding to an interim payout of 20 cents per share, bringing the total dividend per share to a new record of Sh 1.55.
NCBA Bank will reward its shareholders with Ksh 7.83 billion, reflecting a promising 11.8% increase compared to 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% jump in the bank’s net profit. The dividend payout of Sh 4.75 per share comes after the lender added a Sh 3 final pay to the interim Sh 1.75 declared in September last year.
Stanbic Bank shareholders are set to 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 history of the lender. The increased dividend per share will see shareholders pocket a total of Sh 6.07 billion or 49.9% of the net earnings compared with the previous year when it distributed 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% increase year-on-year. The dividend per share has been increased to Sh 2.55 from Sh 2.25 in FY 2022. This marks an increase in dividends for the third straight year, 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 prior year. The dividend per share has been raised to Sh 6.00 from Sh 5.00. The dividend represents a payout of 24.3% of the net income in the review period, rising from 23% in the prior year when the lender posted a net profit of Sh 6 billion.
