Stanbic Bank Shareholders Get UGX 60 Billion Dividends
Stanbic Bank shareholders have been rewarded over sixty billion shillings in dividends for the year ending 2016.
The sixty billion shillings was approved by the Bank’s Annual General meeting held in Kampala .
The reward for the 2016 according to the Stanbic Bank managers represents a 50% increment from 40 billion shillings paid in 2015.
Shareholders will this time around receive a 1.17 shillings dividend per share compared 0.78 shillings per share in 2015. The increase in dividend per share is likely to benefit big shareholders like National Social Security Fund.
But Stanbic Bank Board Chairperson, Japheth Katto says 2016 was yet another profound year for Stanbic Bank.
He says the Board continued to ensure the sustainable growth of the Bank and post impressive results despite the global and local economic headwinds.
Kato revealed Stanbic invested more than 1.1 billion shillings on Corporate Social responsibility initiatives in 2016 a 15% increment from 2015.
Kasto explained that the proposed pay-out figure of 60 Billion was arrived by taking into account projected business growth and investment prospects and regulatory capital adequacy requirements.
Stanbic Bank Chief Executive, Mweheire Patrick revealed said the Bank posted what he called a record profit 191 billion shillings profit despite the challenging market environment characterized by rapidly deteriorating asset quality across the sector.