Nigerian Banks are rewarding long suffering shareholders with higher dividend pay-outs for 2016, despite a tough operating environment and rising bad loans.
The 12 lenders that have released 2016 Full Year results are cumulatively paying out N174.8 billion in dividends to shareholders, a 13.5 percent increase from 2015 levels.
The higher pay-out ratio comes despite a paltry 3.16 growth in net-incomes for the banks.
The combined net income for the 12 lenders increased to N461.68 billion in 2016, from N415.87 billion the previous year, which was largely driven by an increase in interest income.
PATRICK ATUANYA & BALA AUGIE
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