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Top banks’ dividends hit Sh85bn after rates hike
Bank profits surged as they passed higher interest rates on to borrowers far more quickly than to savers, whose deposits dropped by Sh389 billion last year.
Top banks will return a record Sh85.27 billion to shareholders as dividends on the back of costly loans that helped deliver bumper profits and staff bonuses.
The nine tier I banks—KCB Group, Equity Group, Co-operative Bank of Kenya, NCBA Group, Standard Chartered Bank of Kenya, Absa Bank of Kenya, Stanbic, I&M Group and Diamond Trust Bank — increased dividends 35 percent from their profits that jumped 25.6 percent to Sh231.5 billion.
