The Kenyattas to Pocket sh 835M NCBA Bank Dividends

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Thursday, March 30, 2023 –The Kenyatta family will be smiling all the way to the bank as it is set to earn a dividend of staggering sh 835 million for its 13.2% stake in NCBA Group.

Homenews.co.ke has learnt that this is after the bank announced a dividend per share of sh 4.25 for the 2022 full year, up from sh 3 the previous year.

The NCBA management explained that this increased payout follows the bank’s growth in profit after tax, from sh 10.22 billion in 2021 to sh 13.78 billion in 2022 – representing a 34.77% increase.

Others set to reap big in dividends include the Ndegwa family, with its 11.7% stake in the company. The Ndegwas will get a whopping sh 740 million in dividends.

“The (final) dividend will be payable to the shareholders registered on the company’s register at the close of business on April 28, 2023, and will be paid on or after May 31, 2023,” the bank noted.

NCBA stepped up lending in 2022, growing its loan book by 14.29% to sh 278.92 billion up from sh 244.04 billion the previous year. Its total assets grew to sh 619.66 billion from sh 591.09 billion in 2021 – with customer deposits increasing by 6.98% to hit sh 502.8 billion up from Ksh468.89 billion in 2021.

The bank saw net interest income also increase to sh 30.68 billion up from sh 27.04 billion in 2021. Non-interest income grew to sh 30.26 billion in 2022 compared to sh 22.11 billion the previous year.

The NCBA board recommended a final dividend of sh2.25 per share. NCBA had in September last year paid out an interim dividend of sh 2 per share, bringing the total dividend to sh4.25 per share amounting to sh7 billion, or 50.8% of net profit.