Businesses recover from Covid-19, shareholders smile to the bank

Tuesday June 13 2023

Lenders have expressed fears that slow recovery of businesses may push of non performing loans. PHOTO | Cyril Ndegeya


Companies listed on Rwanda Stock Exchange, mainly banks, are set to pay dividends to shareholders starting later this month as businesses return to profitability after shaking off challenges linked to the Covid-19 pandemic.

For shareholders of Bralirwa Plc, the country’s leading brewery, a dividend of Rwf21.91 per share will be proposed at the company’s annual general meeting for approval by shareholders next month.

If approved, the proposed dividends will be paid on June 30. The dividend is equal to 100 percent of the net profit for the fiscal year 2022 and it is subject to withholding tax.

In addition, the dividend will be paid to all shareholders whose names will appear in the register of shareholders at the close of business on May 31 2023.

For Bank of Kigali, the board of directors has recommended a full dividend payout of Rwf32.5 for each ordinary share, on the issued and paid-up share capital of the company, which is awaiting approval at the annual general meeting to be held on the May 19.

This represents a 50 percent payout ratio of the Bank’s net income for the year ended December 31, 2022. The dividend will be payable on or at the beginning of July. Despite recently losing up to $10.3 million to fraud, I&M Bank Rwanda will pay up to Rwf1.84 of dividends per share to its shareholders, subject to approval during an AGM slated for May 24.


The bank generated a net profit of $7.6 million in net profits in the financial year that ended in December 2022. Equity Group Holdings is scheduled to give up to Kshs 4.00 each for each ordinary share on the issued and paid up share capital of the company for the financial year ending December 31, 2022.

“Subject to shareholders’ approval, the dividend will be payable on or before 30th June 2023 to the members of the company on the share register of the Company on the closure date of 19th May 2023.

A general meeting will be held on 21st June 2023” reads a statement on the Rwanda Stock Exchange website. The directors of KCB Group have also recommended a final dividend of KShs 1.00, having paid an interim dividend of KShs 1.00 for each ordinary share on the issued and paid-up share capital of the company.

Upon approval during the AGM slated for May 25, the full dividend per share for the year ended December 31, 2022 will be KShs 2.00 for each ordinary share.