Shareholders of most banks in Kenya are preparing to pocket more from dividend payouts after recording billions in profit after tax in the year ending December 31, 2024.
Some of the banks that have announced payout of dividends include Standard Chartered Bank Kenya (StanChart), NCBA Bank, I&M Group, Equity Bank, KCB, Co-Operative Bank, Absa Bank Kenya, Stanbic Holdings and Diamond Trust Bank (DTB).
StanChart announced a record dividend payout of Ksh17 billion for the year ending December 2024.
This is an increase from Ksh10.96 billion distributed at the end of 2023.
The Bank had announced an interim dividend of Ksh8 per share, followed by a Ksh37 payout, bringing the total dividend for the year to Ksh45 per share, up from Ksh29 in 2023.
Similarly, NCBA Bank announced payment of dividends after recording an after-tax profit of Ksh21.9 billion.
The profit enabled it to declare a total dividend of Ksh5.50 per share, up from Ksh4.75 in the previous year, translating into a total payout of Ksh9 billion.
Diamond Trust Bank
Diamond Trust Bank (DTB) announced a 16 percent increase in its dividend payout to Kshh7.82 billion in the year ended December 2024, up from Sh6.7 billion in 2023.
The Bank recorded a Ksh11.27 billion profit before tax and exceptional items.
The proposed first and final dividend of 175%, equivalent to Ksh7.00 per share, applies to the issued and paid-up share capital of Ksh1,118,408,880 and will be subject to withholding tax where applicable.
KCB Group PLC
KCB Group PLC’s profit after tax for the full year 2024 grew by 64.9% to Ksh61.8 billion, up from Ksh37.5 billion in 2023.
Besides, the Board proposed a final dividend payout of Ksh1.50 per share on top of the interim payout of Ksh1.50 per share, which was paid out in September 2024.
This brings the total dividend payout for the year to Ksh3.00 per share, amounting to a total of Ksh9.6 billion for the year 2024.
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Equity Group Holdings Banks
Equity Group Holdings’ profit after tax increased by 12 per cent from Ksh43.7 billion in December 2023 to Ksh48.8 billion on December 31, 2024.
Based on these results, the bank increased its cash distribution by 6.25% to Ksh16 billion, marking its highest ever.
Co-operative Bank
Moreover, Co-operative Bank of Kenya’s net profit increased from Ksh23.1 billion in 2023 to Ksh25.4 billion in 2024.
The Bank maintained its dividend payout at Ksh1.5 per share after the 9.8 percent increase in net profit.
Additionally, the Board said the dividend totaling Ksh8.8 billion will be paid on June 10 to shareholders recorded as of April 28.
Absa Bank Kenya PLC
Likewise, Absa Bank Kenya increased its dividend payout to Ksh9.5 billion after recording Ksh20.87 billion in the year ended December 2024.
The Bank’s board recommended a rise in the final dividend per share to Ksh1.55 from Ksh1.35 declared in 2023.
This brings the total payout to Ksh1.75 when added to the interim payout of Ksh0.20.
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Stanbic
Stanbic Holdings’ net profit for the year ended December 2024 rose to Ksh13.71 billion from Ksh12.16 billion recorded in 2023.
Therefore, the Bank’s board recommended a raise in total dividend per share to Ksh20.74 from Ksh15.35.
This increased dividend payout by 35.1 percent to Ksh8.1 billion compared to Ksh6.06 billion in 2023.
I&M Group PLC
I&M Group PLC also recorded a profit after tax for the period hit Ksh15.3 billion, up from Ksh12.6 billion in 2023.
The profit before tax was Ksh20.8 billion, representing 25% growth.
Further, I&M declared a final dividend of Ksh1.70 per share, bringing the total payout for the year to Ksh3 per share.
The total dividend for 2024 will be Ksh5 billion, up from Ksh4.2 billion in 2023.
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