Minister of Entrepreneur Development and Cooperatives (KUSKOP) Datuk Ewon Benedick announced a 15 per cent dividend payout totalling RM424.62 million for its members, payable from April 5, 2024.
At the same time, Bank Rakyat also announced a special dividend of two per cent in celebration of its 70th anniversary, involving a total payment of RM56.62 million.
The special dividend will be distributed to eligible shareholders based on their holdings as of December 31, 2023, and will be payable in September 2024.
Bank Rakyat’s Chairman, Datuk Mohd Irwan Mohd Mubarak said Bank Rakyat Group recorded a profit before tax and zakat of RM1.76 billion for FY2023, a 3.8 per cent increase from the previous year.
He explained that this growth was driven by the bank’s strong financial performance in FY2023 and financing growth in investment segments.
“The Group’s better performance was further supported by the Group’s main revenue which surged by 12.90 per cent to RM6.67 billion compared to RM5.90 billion previously, driven by year-on-year growth in gross financing balance of 3.82 per cent across all business segments.
“Furthermore, the Group demonstrated discipline and efficiency in cost management, which were reflected in its healthy cost-to-income ratio of 47.85 per cent, much lower than the industry average,” Irwan Mohd Mubarak said.
Meanwhile, Ewon mentioned that Bank Rakyat Group would continue to support the cooperative ecosystem by contributing two per cent of its profit before tax and zakat amounting to RM35.47 million to the Cooperative Education Trust Fund Group and 1 per cent to the Cooperative Development Trust Fund.
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