CBP allocates RM45 million for dividend payment, highest since 1950

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KUALA LUMPUR, May 22 – Co-opbank Pertama Malaysia Bhd (CBP) will make a dividend payment for the 2019 financial year amounting to over RM45 million, the highest in the history of CBP since its establishment in 1950.

The good performance was driven by the implementation of effective business strategies by CBP despite the slight increase in Non-Performing Loans contributed by the financing of the cooperative and corporate sectors, president and chief executive officer Mohd Nor Abd Razak said in a statement.

“For the financial year ended December 31, 2019, CBP recorded a profit before tax of RM73.95 million, a 40 per cent increase from RM52.69 million in 2018.

“The number of CBP memberships has also increased with the addition of 6,367 new members, bringing the total number of members to 91,420 in 2019,” he said.

For 2019, the total dividend payout will be RM45.3 million, a 32 per cent increase from RM30.8 million in 2018.

The increase in the amount of payments will benefit 91,420 eligible CBP members.

The total share of CBP as at December 31,2019 exceeds RM900 million.

“The net dividend rate for 2019 will be 6.1 per cent for dividend payout for ordinary and preferred shares (iRCPS) and 5.5 per cent for ordinary shares, which is also comparable to the amount of dividends paid by other investment funds in Malaysia.”

CBP members can make their dividend withdrawals beginning May 22, 2020 at all branches nationwide.

– BERNAMA

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