Co-op Bank raises dividend payouts on full year earnings
The Co-operative Bank Moi Avenue branch in Nairobi, Kenya. The bank has increased its dividend pay-out to shareholders by 50 percent. PHOTO | DENNIS ONSONGO | NMG
Kenya’s Co-operative Bank has increased its dividend pay-out to shareholders by 50 percent after its net earnings for the year ended December 31, 2022 surged by more than 30 percent, reflecting highest payment in 15 years.
The lender’s profit after tax grew by 33 percent to KSh22 billion ($169.36 million) from KSh16.5 billion ($127 million) in 2021 buoyed by an increase in both interest and non-interest income, a turnaround of its subsidiary in South Sudan.
