Nairobi, March 21 -- Co-operative Bank of Kenya has posted a 5.2 percent growth in net profit to Sh23.2 billion in the financial year ended December 2023 on increased income and reduced operating costs.

The net profit grew from Sh22 billion posted in a similar period last year. The board has, on the back of the increased profit, recommended a dividend of Sh1.5 per share, amounting to Sh8.8 billion, matching that of the previous year.

The dividend will be paid after the approval by shareholders in the virtual annual general meeting slated for May 17, 2024. The top shareholder, Co-op Holdings Co-operative Society Limited, will receive Sh5.68 billion on its 64.56 percent stake.

"The strong performance has led to a sustained increase in sh...