Stanbic Holdings reported a KSh12.16 billion profit for 2023, allowing the lender to increase dividend to members.
Annual profit was up 34 per cent from the previous year’s record of KSh9.06 billion after the net profit hit the highest in company’s history.
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Therefore, Stanbic Holdings has increased its dividend payout by 21.8 per cent to KSh6.07 billion with the board announcing an increase raise in dividend a share from KSh12.60 to KSh15.35. This will be highest-ever payout in the history of the Stanbic.
Shareholders now pocket a total of KSh6.07 billion or 49.9 per cent of the net earnings compared to 2022 when it distributed KSh4.98 billion.
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The directors of Stanbic on March 5, 2024 recommended a final dividend of KSh14.20 a share, amounting to KSh5.61 billion
Stanbic is the first lender to announce its 2023 full-year results, with others expected to follow suit before the end of March.
Records from Central Bank of Kenya indicates that banking sector pre-tax profits 2023 dropped by 7.3 per cent from KSh244.1 billion to KSh226.3 billion.
By Our Reporter
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