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StanChart now halves dividend to Sh7.50
Standard Chartered Bank branch on Kenyatta Avenue, Nairobi. StanChart has halved dividend to Sh7.50. PHOTO | SALATON NJAU | NATION MEDIA GROUP
What you need to know:
- The lender has proposed one share for every 10 fully paid up ordinary shares to shareholders registered at the close of business on April 27.
- Several banks have decided to cancel their dividend payments altogether to improve their cash flows and support lending as the economic effects of the crisis continue to unravel.
Standard Chartered Bank (StanChart) Kenya has joined the list of firms cutting their dividend payout after it reduced its previous offer by 50 per cent, citing the need to maintain a strong capital ratio amid the uncertainty of the Covid-19 crisis.
In a notice published on Friday, the lender proposed to cut its final dividend of Sh15 for every ordinary share to Sh7.50. It had previously announced the higher dividend for the year to December 31, 2019 after it reported a net profit of Sh8.2 billion.
