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Managing Director Adan Mohamed attributed the increase in dividends to the bank's strong capital position/FILE

Kenya

BBK shareholders approve higher dividend payout

Managing Director Adan Mohamed attributed the increase in dividends to the bank's strong capital position/FILE

NAIROBI, Kenya, Jun 6 – Barclays Bank of Kenya shareholders approved a final dividend of Sh1.30 per share at the Annual General Meeting (AGM) held on Wednesday.

This taken together with the interim dividend of the 20 cents paid in October 2011, brings the total dividend payout for the year 2011 up 10 percent from last year, to Sh1.50 per share.

The shareholders approved the bank’s financial statements for the year ended December 31, 2011 which reported an increase of 11 percent of the underlying profit before tax achieved in the previous year.

Barclays Bank chairman Francis Okomo-Okello said that the bank had impressive results during 2011 despite operating in a very volatile macroeconomic environment which included a weakening shilling, high inflation and high interest rates.

Managing Director Adan Mohamed attributed the increase in dividends to the bank’s strong capital position.

“The increase of 22 percent in our quarter one, 2012 profit before tax demonstrates that the Bank is committed to achieving its growth and profitability objectives with key focus being on maximizing shareholders’ wealth through improving asset quality with low delinquency targets and managing costs, while reinforcing our historical ability to prudently grow loans and deposits,” he said.

“The bank has continuously delivered on its promises year on year and we remain committed to profitable growth into the future,” he added.

At the AGM, the shareholders adopted the board’s proposal to amend the Bank’s Articles of Association to allow the institution to remit unclaimed assets to any relevant regulatory authority once established.

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