Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) , the country’s only cooperative bank announce that they will considering lifting a five-year freeze on accepting new members as part of plans to raise RM500 million in extra capital.
However, the priority will be given to the existing members to increase their investment in Bank Rakyat. Bank Rakyat will seek shareholders approval for the capital increase at its annual general meeting in April 2010. For those who eagerly waiting for this opportunity, please remember this date.
Existing members enjoy a very good dividend every year. For the past 10 years, Bank Rakyat consistently giving at least 15% dividend every year.
For the financial end of 31st December 2009, Bank Rakyat declare 15% dividend to be paid to its 794,199 individual members and 1,401 cooperatives. This will involve a total payout of RM299 million. Dividend payment will be distributed starting 22nd February 2010.
In that year as well, Bank Rakyat net profit has breached the RM1 billion mark for the first time since its inception 55 years ago. Group gross income rose 18.3 per cent to RM3.78 billion from RM3.2 billion in 2008. Its net income after profit distribution to depositors grew 28.4 per cent to RM2.61 billion.