Co-op Bank recommends Sh8.8bn dividend as profit hits Sh23.2bn

Co-operative Bank of Kenya Group CEO Dr Gideon Muriuki (left) with Treasury Cabinet Secretary Prof Njuguna Ndungu (Centre) and Central Bank of Kenya (CBK) Governor Kamau Thugge (right) during a past event. [Courtesy]

Co-operative Bank of Kenya (Co-op Bank) has recommended a dividend at Sh1.50 per share or an aggregate of Sh8.8 billion for 2023 after its net earnings grew by five per cent.

The Nairobi Securities Exchange-listed firm says its profit growth in the full year ended December has given it the confidence to issue higher dividends for the period. The Co-op Bank payout comes as a huge relief to investors amid yesterday's shock announcement by another banking giant KCB that they shall not be paying a dividend this year, the first time in 21 years that the bank voided dividends.