Co-op Holdings Cooperative Society receives Ksh 3.78b dividend from Co-op Bank
Co-operative Bank’s shareholders will recoup their investment in full this year from dividend payouts with Co-op Holdings Co-operative Society getting the largest payout of Ksh 3.78 billion.
This year’s dividend payment is the highest ever, and matches the entire initial investment by the Co-operative Movement in the Bank thereby enabling them to annually literally recoup their investment in full, and has been regarded as ‘Shilling-for-Shilling’ dividend payout.
The Chairman of Co-op Holdings Co-operative Society applauded the uniqueness of the Cooperative financial system that touches over 22,000 saccos following the remarkable performance of the lender that reported a pretax profit of Ksh 18.2 billion in 2018.
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Mr Macloud Malonza aired his sentiments at a brief cheque presentation ceremony at the bank’s head office yesterday where the Chairman of the Bank Mr John Murugu together with the bank’s Group Managing Director and CEO Dr Gideon Muriuki presented a dividend cheque of Ksh 3.78 billion to Co-opholding Cooperative Society.
The Society has a 64.5 per cent stake in Co-operative Bank as a strategic shareholder representing Kenya’s Co-operative Movement and was formed in 2008 to facilitate the listing of the bank on the Nairobi Securities Exchange (NSE) in 2008.
The lender has maintained a strong dividend track record on the back of a sound sustained profitability growth over the years. Coop bank has grown over the years to now the third largest bank in the region with an asset base of over Ksh 425 billion.This week, it reported a profit before tax of Ksh 5.1 billion for the first quarter of this year. (Source / Standard Digital)
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