Co-opbank Pertama approves dividend payout of RM58.3m

by AZALEA AZUAR / graphic by TMR

Co-opbank Pertama Bhd (CBP) has announced a net dividend of 6% per ordinary share and 6.7% per Islamic redeemable convertible preference share (iRCPS) for the financial year ended Dec 31, 2020 (FY20).

The total dividend payout of RM58.3 million is the highest in the history of CBP, which was established in June 1950.

Chairman Kamari Zaman Juhari said the amount represented an increase of 28.7% from RM45.3 million in the preceding year.

“This increase in total payment will benefit 92,459 eligible CBP members. The total CBP shares exceeded RM900 million as at December 31, 2020,

“The dividend payment will be credited directly into the CBP Member’s savings account and withdrawals can be made at any CBP branch, online through the CBP website or through the MyCoopBank mobile application starting August 27, 2021,” he added.

CBP’s dividends announcement for the financial year ended December 31 was delayed due to a change of appointed auditors

Hence, this requires a re-implementation of the appointment process which in turn, needs the approval of the regulator.

For its financial year ended December 31, 2021, CBP’s pre tax profit rose 15.9% to RM85.7 million from RM73.9 million in the previous year.

The bank’s total membership has also increased with the new addition of 1039 new members, adding the total membership to 92,559 in 2020.

CBP’s good performance is driven by its management’s effective business strategies when facing a slow business growth environment due to the ongoing Covid-19 pandemic.