Co-operative Bank CEO Gideon Muriuki is set to receive KSh 102.53 million as dividends from his stake at the financial institution.
The Nairobi-based financial services group announced a 53 percent increase in profit at the end of 2021.
Muriuki who was appointed the managing director of Co-op Bank in 2001 owns a two percent stake in the group totaling 102,528,400 shares.
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Billionaires Africa reported that the banking executive will receive his dividends by the end of the month which will be paid from the group’s retained earnings of KSh 86.2 billion at the end of 2021.
The group’s board of directors approved a dividend payment of KSh 1 per share, translating to a total payout of KSh 5.9 billion.
The proposed dividend was as a result of the bank’s impressive financial performance recorded at the end of its 2021 financial year.
The profit increased from KSh 10.81 billion to KSh 16.54 billion.
Muriuki was appointed Managing Director of Co-operative Bank of Kenya in 2001 and has presided over the Bank’s turnaround from a massive loss position of KSh 2.3 Billion in the year 2000, to a profit before tax of KSh 20.7 Billion in 2019.
He joined the Bank in 1996 as a Senior Corporate Manager and then became Director-Corporate and Institutional Banking in 1999 before his appointment as Managing Director in 2001 with a clear mandate to turn round the Bank into profitable trading.
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Muriuki holds a Bachelor of Science degree in Mathematics, is a Fellow of the Kenya Institute of Bankers and was awarded an Honorary Doctorate in Business Management in the year 2011.
He has over 30 years in banking and finance and was voted CEO of the year Africa 2014 by the International Banker.
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