Saccos receive Sh3.8b dividend windfall from Co-op Bank stakeCo-operative Bank Chairman John Murugu (left) and Managing Director Gideon Muriuki (centre) present a dividend cheque of Sh3.8 billion to the Chairman of Co-op Holdings Co-operative Society Macloud Malonza at the bank’s head office in Nairobi. (Wilberforce Okwiri, Standard)Savings and credit societies (saccos) which together have a controlling stake at Co-operative Bank, have received a Sh3.8 billion dividend windfall.This is after Co-operative Bank shareholders approved a dividend payment of Sh1 per share at an annual general meeting last week. Co-operative Bank Chairman John Murugu and Chief Executive Gideon Muriuki handed over a Sh3.78 billion cheque to the saccos’ umbrella body, Co-op Holdings Co-operative Society after the AGM on Thursday. Co-operative Bank reported a profit before tax of Sh18.2 billion in 2018.This was the highest payout to shareholders since the listing of the bank. SEE ALSO :Cooperative Bank kicks off annual Sacco CEO workshopLike many other lenders, the bank continued to leverage on technology to contain its spending bills.

Source: Standard Digital May 25, 2019 21:05 UTC