Stanbic investors to receive $13.9 million in dividends

Stanbic investors to receive $13.9 million in dividends for the 2020 financial year

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Stanbic investors to receive $13.9 million dividend www.financialstand.com

Investors in Stanbic Holdings are set to receive a final dividend of KSh1.503 billion (USD$13.9 million) for the financial year 2020, equivalent to KSh3.80 for every ordinary share held.

According to the regional bank, the book closure date is on 21st May 2021 and the payment of a final dividend will be made on or about 4th June 2021 subject to shareholders’ approval.

The bank posted a 19% decline in net profit for the year that ended on 31st December 2020. Its profit after tax fell to KSh5.2 billion from KSh6.4 billion at the end of 2019. Despite the big dip in net profit, Stanbic directors’ compensation jumped to KSh58.7 million from KSh51.5 million a year earlier, a 14% increase.

Stanbic Holdings, like most of its peers, increased its provisions for bad loans in 2020 as borrowers struggled to service their loans. Loan loss provisions increased to KSh4.88 billion as of 31st December 2020, from KSh3.15 billion as of 31st December 2019.

The tier-one lender plans to hold a virtual Annual General Meeting (AGM) on Thursday
20th May 2021 at 11:00 a.m. Registration for the AGM opened on Monday 26th April 2021 and will close on Wednesday 19th May 2021 at 11:00 a.m.

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