Co-operative bank shareholders are set to get a dividend payout of Sh. 0.80 per share. This follows the approving of the dividend pay during the bank’s Annual General Meeting which was held on Friday in Nairobi.

The dividend pay comes despite a rocky year that saw profitability in the banking sectpor decline following the enactment of the law that capped interest rates and last year’s turbulent electioneering period.

“The shareholders of the Co-operative Bank Group at their 10th Annual General Meeting (AGM) held at the Bomas of Kenya today (May 25, 2018) have approved a dividend of 80 cents per share, being the same level of pay-out as in the previous year,” said Co-operative Bank’s CEO Gideon Muriuki. He further noted that the bank has maintained a solid dividend track record on the back of sustained profitability over the years. The bank reported a profit of Sh4.9 billion for the first quarter of 2018.

“Sustainability is fully integrated in our business model that stands on the three pillars of Economic sustainability, Social sustainability and Environmental stewardship. As a bank that is predominantly-owned by the 15 million-member Kenyan Co-operative Movement, we are inclusive by design that has not only enabled us to deliver shared prosperity today, but also helped us build an awareness and prudence to avoid putting future generations in jeopardy.”

It also comes hot on the heels of Co-op Bank’s release of its financial results for the first quarter of this year, in which its net profit has risen to Sh. 3.4 billion, signaling improved performance that is expected to be reflected in the bank’s end of year results later in the year.

During the AGM, Messrs John Murugu, Julius Sitienei, Lawrence Karissa and Rose Simani were reelected for another term of three years. In addition, Messrs Patrick K. Githendu and Godfrey K. Mburia were elected as directors in the Bank to replace Mr Stanley Muchiri and Julius Riungu who retired in the year.