Barclays Bank of Kenya shareholders at the Annual General Meeting held today approved a final dividend of Kes. 1.30 per share which when taken together with the interim dividend of Kes. 0.20 paid in October 2011, brings the total dividend payout for the year 2011 to Kes. 1.50 per share – up 10% from the dividends paid in 2010.

The shareholders approved the Bank’s financial statements for the year ended 31st December 2011 which reported an increase of 11% of the underlying profit before tax achieved in the previous year. Commenting on the annual general meeting, Barclays Chairman Francis Okomo–Okello said, “The bank has been operating in a very volatile macroeconomic environment including a weakening Shilling, high inflation and high interest rates. But despite these challenges, we still managed to report impressive results for the year ended 2011.”

Mr. Adan Mohamed, Managing Director attributed the increase in dividends to the Bank’s strong capital position. While commenting on the bank’s performance and future outlook, Mr. Mohamed said, “The increase of 22% in our quarter 1, 2012 profit before tax demonstrates that the bank is committed to achieving its growth and profitability objectives with key focus being on maximizing shareholders’ wealth through improving asset quality with low delinquency targets, and managing costs while reinforcing our historical ability to prudently grow loans and deposits.”

“The bank has continuously delivered on its promises year on year and we remain committed to profitable growth into the future.” Mr. Mohamed concluded. At the Annual General Meeting, the shareholders adopted the Board’s proposal to amend the Bank’s Articles of Association to allow the Bank to remit unclaimed assets to any relevant regulatory authority once established.

The shareholders also bid farewell to Mr. Paul Chemng’orem who retired as a Director on the Board.