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Banks to cut dividend payout

01 August 2014, 14:16

Lagos - Shareholders of Nigeria’s five largest banks are in for harder times as the banks plan to reduce dividend payout ratios in order retain more capital for their operations, a new report has revealed.

Other alternatives being considered by the banks to retain capital include floating rights issues and reducing their credit and loan facilities, reports Businessnews.

The report titled: “The Capital Cycle” and put together by CSL Stockbrokers, a division of First City Monument Bank (UK) Limited,, said the recent Central Bank of Nigeria’s (CBN) requirement that banks should keep total Capital Adequate Ratios (CARs) of 16 percent is putting pressure on the banks to source for more funds to operate optimally.

The five banks are First Bank, Zenith Bank, United Bank for Africa Plc, Guaranty Trust Bank Plc and Access Bank Plc.

Read more at Businessnews.

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