Government restriction on public gatherings due to COVID-19 saw KCB Group PLC host an electronic AGM where shareholders were able to register, access information pertaining to the 2019 Integrated Report and Audited Consolidated Financial Statements, vote, ask questions and seek clarifications.
The group announced a KShs.11.1 billion total dividend payout to shareholders for the 2019 financial year, as shareholders approved a final KShs.2.50 dividend per ordinary share as recommended by the Board at the meeting. This payout adds to an interim dividend of KShs.1.00 per share paid out last November amounting to Ksh 3.50 total dividends for the year.
According to KCB Group Chairman Andrew Wambari Kairu the payouts signified sustained returns that in spite of the tough business environment last year, the business continued to generate returns for its shareholders. With the ongoing pandemic, the ongoing global COVID-19 pandemic, the group is focused on continually supporting its shareholders.
The Group CEO and MD Joshua Oigara observed that under the current tough macro-economic environment, business performance is likely to be subdued in the second half of the year.
“With the likely continuation of the crisis into the currently unforeseeable future, we anticipate and expect that the ability of some customers to service their loans will be impacted, there will be reduced demand for credit and this may impact our business performance for the remainder of the year,” he noted.
However, the group has instituted measures to protect its shareholders and customers so they can continue being operational.
“The organization has prepared itself to operate under these adverse circumstances to the benefit of our customers and shareholders. We have therefore taken measures to conserve our capital, manage costs and keep
a keen eye on the bank’s liquidity,” he added.