Co-operative Bank of Kenya on 27th May 2022 held its 14th Annual General Meeting virtually. This is the third time the meeting has been held virtually following amendments to the law governing annual general meetings, following the Covid-19 o******k.
The meeting was attended by more than 16,000 shareholders from across the globe. Shareholders welcomed the dividend payment scheduled to hit their accounts on 17th June 2022.
The shareholders were appreciative of the Board of Directors’ divided policy that balances between the need for additional capital and shareholders’ immediate interest for earnings.
They particularly commended the Board for the ksh100 billion retained earnings the bank has accumulated for future growth through this policy.
Speaking at the meeting the Group Managing Director, Dr Gideon Muriuki pointed out to the shareholders that the bank was confident of a good performance in 2022 full year, estimating that bank will surpass the over Ksh22 billion profit registered in 2021.
“Already in the first quarter of 2022, the bank has registered a profit before tax of Ksh7.8 billion which is an indication of better days ahead,” he said.
The meeting was chaired by the bank’s Chairman, Mr John Murugu, and was also attended by the Vice-Chairman Mr Macloud Malonza among other board members.