Bank Rakyat Dividend at 15 percent announced

6 April 2024

By Nabalu News Journalist

KOTA KINABALU: The payment of a dividend of 15% with an estimated amount of RM424.62 million will be paid to its 802,823 eligible members of Bank Rakyat for the financial year ending 31 December 2023.

In announcing this yesterday, Datuk Ewon Benedick Minister of Entrepreneur Development and Cooperative said this dividend payment will commence on 5 April 2024.

This dividend announcement is the first time being made outside of its headquarters in Kuala Lumpur.

Meanwhile, in conjunction with Bank Rakyat's 70th Anniversary, the bank also announces a special dividend of 2% with a payment amount of RM56.62 million, which will be distributed based on eligible shareholdings as of 31 December 2023.

This special dividend payment will be made in September 2024 in conjunction with the celebration of Bank Rakyat's 70th Anniversary, Ewon said adding the Bank Rakyat continues to maintain double-digit dividend performance for over 20 years.

" I believe this achievement is the result of Bank Rakyat's commitment to fulfilling its accountable mandate to empower the economic well-being of its members and customers, thereby providing equity and prosperity to all levels of society," he stated.

"In addition, Bank Rakyat Group continues its support for the annual mandate for the cooperative ecosystem by contributing 2% of the profit before tax and zakat amounting to RM35.47 million to the Cooperative Education Trust Fund and 1% equivalent to RM17.74 million to the Cooperative Development Trust Fund. The total contribution for the year 2023 is RM53.21 million,,' he elaborated.

"I hope that with the acceptance of this dividend, it can somewhat reduce the financial burden faced by members, as well as assist members in preparing for the upcoming Hari Raya Aidilfitri celebration that is approaching soon."

He congratulated the Board of Directors, Management Committee, and all employees of Bank Rakyat for their outstanding service and achievements for the financial year ending 2023.

He hoped that Bank Rakyat Group will continue its efforts to remain relevant in the fast-paced banking industry and continue to contribute to society at all levels by providing comprehensive, sustainable, and innovative banking solutions, in line with the concept of a caring Malaysia so that entrenched poverty can be eradicated.

He also expressed his appreciation to all parties, especially Bank Negara Malaysia, the Ministry of Finance Malaysia, the Malaysian Cooperative Commission, and other stakeholders for the assistance and support provided every year.

Also present during the event were Datuk Mohd Irwan Mohd Mubarak, Bank Rakyat Chairman, Dato' Dr Mohammad Hanis Osman Bank Rakyat Chief Executive, Leftenant General (R) Datuk Ahmad Norihan Jalal Chairman of the Malaysian Cooperative Commission and Amren Faisal Fadzil, Chief Financial Officer of Bank Rakyat.