Kenyan government given dividend from the KCB

by Richard Kilner

Story link: Kenyan government given dividend from the KCB

The Kenya Commercial Bank (KCB) has issued dividends to the Kenyan government totalling Ksh 366m.

The KCB gave the money as a dividend for the year ending December 2007, much to the government’s delight.

Kenyan finance minister, Amos Kimunya, received the cheque from the KCB’s group chairman, Peter Muthoka, and congratulated Kenya’s biggest bank for its performance.

Kimunya thanked the KCB for its exemplary work, adding that the cheque would be of great benefit in enabling the government to cater to the social needs of Kenya.

Muthoka returned the complimentary words, thanking the government for its support as both a shareholder and business partner.

The bank has been utilised by the government for distributing development funds, because of its extensive branch network, which has a presence in a majority of remote areas in the country.

In 2007 the KCB recorded pre-tax profits of Ksh.4.2bn, a third higher than its 2006 results.