Barclays Bank of Kenya AGM approves Final Dividend for 2012About Us

Barclays Bank of Kenya (Barclays) shareholders at the Annual General Meeting held today approved a final dividend of Kes. 0.70 per share which when taken together with the interim dividend of Kes. 0.30 paid in October 2012, brings the total dividend payout for the year 2012 to Kes. 1.00 per share – up 11% from the underlying dividend paid in 2011 (excluding the special dividend).

Commenting at the 34^th Annual General Meeting, Barclays Chairman Mr. Francis Okomo-Okello informed shareholders that the Board’s final dividend recommendation took into consideration the need for the Bank to build a sufficient capital buffer ahead of the implementation of new capital management requirements under the revised Central Bank of Kenya Prudential Guidelines expected to take effect in January 2014.

The shareholders approved the Bank’s financial statements for the year ended 31^st December 2012 which reported an increase of 8% over the profit before tax achieved in the previous year. 

Speaking during the Annual General Meeting, the Bank’s Managing Director Mr. Jeremy Awori, assured shareholders that robust plans and strategies were in place to facilitate revenue growth and improved productivity by pursuing operational efficiencies through investment in technology. Mr. Awori said that the Kenyan economy was ripe for growth in view of the prevailing favorable interest rate environment and the Bank would play its role in lending to customers wishing to grow their businesses.  “The Bank will continue with its approach to build sustainable shareholder wealth through prudent growth in good quality assets and efficient cost management. In addition, enhancing our customer experience will continue to be in focus during 2013 through development of new products and services.” Mr. Awori said.

While commenting on the integration of Barclays and Absa, Mr. Awori said “The One Africa Strategy seeks to take advantage of the presence Barclays has on the African continent with a view to building synergies across all Barclays businesses in Africa for the benefit of employees, customers, shareholders and the community in which the Bank operates.”

At the Annual General Meeting, the Board informed shareholders of the need to immobilise their shares in light of the imminent dematerialisation of listed securities by CDSC.