Investors cheer as NCBA, DTB and Family Bank issue Sh7b dividends
Business
By
Brian Ngugi
| Mar 28, 2024
Tier one lenders NCBA Group, DTB Bank Kenya, and Family Bank grew their annual profits and maintained dividends even as concerns mounted on the outlook of the economy in the remainder of the year.
NCBA’s net profit grew by more than half to Sh21.4 billion from Sh13.7 billion the previous year.
Following the improved profitability, the bank yesterday declared a final dividend of Sh3 per share, taking its total payout to Sh4.75 from Sh4.25 per share or a cumulative payout of Sh4.9 billion.
“This is a very strong return to our shareholders. Our underlying performance shows momentum in all our financial drivers,” said NCBA Group Managing Director John Gachora during an investor briefing held in Nairobi.
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“The Business has sustained growth momentum in line with our five-year strategic plan, which has positively enhanced shareholder value while supporting customers amidst a challenging macro-economic environment.”
Diamond Trust Bank’s (DTB) shareholders, on the other hand, are set to take home a total of Sh1.6 billion in dividends.
This is after it posted a 13.5 per cent jump in net earnings to Sh6.87 billion in profit after tax for the full year ending December, riding on higher funded and non-funded income streams. The company paid a dividend of Sh5 per share in 2022.
Family Bank has, meanwhile, proposed a Sh723 million dividend payout for the financial year ended December 2023 a drop from the Sh795 million that the bank paid in 2022.
This is after the bank posted a Sh2.5 billion profit after tax for the full year ended December, representing a 13.29 per cent growth compared to the Sh2.2 billion posted in 2022.
The directors recommended a payment of the first and final dividend of Sh0.56 per share for the year 2023.
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