Nairobi, March 31 -- Family Bank's board is proposing to pay Sh798 million dividend despite the net profit for the year ended December 2022 dropping by 4.1 percent to Sh2.21 billion on increased costs.

The lender said it would pay a first and final dividend of Sh0.62 per share, a cut from the previous year, where dividends totalled Sh1.1 billion or Sh0.83 per share.

This will mark the second year running for the lender to pay dividends after the Covid-19 pandemic. Family Bank investors were in 2020 given a bonus share of one for every three held, citing the need to preserve cash during the coronavirus disruptions.

"The directors of Family Bank Limited have recommended a payment of the first and final dividend of Sh0.62 per share for th...