Late Kenyan President Daniel arap Moi’s family is set to receive Ksh54.4 million ($470,000) in dividends from their stake in Standard Chartered Bank of Kenya on May 25, as the Kenyan lender moves to reward shareholders following impressive financial results at the end of 2021.
Standard Chartered Bank is led by Kenyan banker Kariuki Ngari. Kenya is home to one of the country’s oldest banks, the Kenyan subsidiary of the British multinational financial conglomerate, Standard Chartered Bank.
Shawmut Limited, the Moi family’s private investment firm, owns approximately 1.03 percent (or 3,891,974 ordinary shares) of the Kenyan commercial bank.
At the time of writing, the stake linked to the late Kenyan President Daniel arap Moi’s family was valued at Ksh499.1 million ($4.31 million).
The $470,000 dividend will be paid from the group’s retained earnings of Ksh33.3 billion ($288.9 million), as part of the Ksh5.37 billion ($46.63 million) cash distribution approved by the board of directors.
In line with the company’s announcement, the dividend will be electronically deposited into the family’s account on or after the company’s annual general meeting on May 25.
According to the bank’s earnings report for 2021, profit increased by 66 percent from Ksh5.44 billion ($47.2 million) at the end of 2020 to Ksh9.04 billion ($78.4 million), despite a single-digit decline in interest income from Ksh23.73 billion ($205.83 million) to Ksh22.28 billion ($193.25 million).
Earnings increased by 66 percent as a result of the group’s cost-cutting strategies, which saw net impairment losses fall by nearly half as COVID-related restrictions were relaxed.
The board of Standard Chartered Bank of Kenya proposed a dividend distribution to shareholders of Ksh14 ($0.121) per share, or Ksh5.37 billion ($46.63 million) in total, as a result of the solid growth in earnings. This is a significant increase from the previous fiscal year’s final dividend of Ksh4.14 billion ($35.9 million).
