How banks paid dividends to members in 2024

Equity Bank's Chief Executive Officer James Mwangi.

Banks paid KSh66.4 billion in shares to its members for the year ended December 31, 2023.

The amount translates to a 48.9 a share of the cumulative KSh153.6 billion payouts from all counters.

Equity Bank topped in paying dividend to shareholders on absolute terms at KSh15 billion translating to KSh4 a share on its over 3.7 billion shared that were issued.

Standard Chartered Bank issued dividends amounting to KSh10.9 billion or KSh29 a share.

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Cooperative Bank’s shareholder payouts amounted to KSh8.8 billion while Absa Bank paid KSh8.4 billion.

Also, NCBA Group released shares totaling to KSh7.8 billion, Stanbic Holdings (KSh6 billion), I&M Holdings (KSh4.2 billion), BK Group formerly Bank of Kigali Limited (KSh3.23 billion) and Diamond Trust Bank (KSh1.6 billion).

The only non-dividend paying counters in banking sector are the Housing Finance and Kenya Commercial Bank (KCB).

KCB attributed its decision on the need to preserve the capital for the year 2024 due to higher expenses including high loan provisioning costs.

By our reporter

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