Standard Chartered Bank Cuts Shareholders Dividends By Half

Standard Chartered Bank has announced cutting the pay per share to ksh 7.50 from ksh 15 set earlier in March 2020.

The Bank which made an after tax profit of ksh 8.2 billion during the financial year ending December 31st 2019 had earlier announced giving ksh 15 per share to all ordinary shareholders registered as of April 27th 2020.

Due to the uncertain times created by the ongoing Coronavirus pandemic, the bank board decided to reduce the payout to ksh 7.50 per share in order to retain money for any inconveniences affecting the business or the communities where the lender is doing business.

“The Board, after careful consideration of the events that have taken place since the said financial results were published, particularly the rapidly unfolding economic crisis that has come out of the Covid-19 pandemic, has decided to vary its recommendation,” Company Secretary Nancy Oginde said in a notice through the Nairobi Securities Exchange(NSE).
"and instead recommend to the shareholders the payment of a final dividend for the year ended December 31, 2019 of Sh7.50 for every ordinary share of Sh5.00.” she said.
The bank board is expected to meet virtually on 24th July during its Annual General Meeting (AGM)

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