Standard Bank. Picture: FINANCIAL MAIL
Standard Bank. Picture: FINANCIAL MAIL

Standard Bank will distribute about R8.6bn in dividends to shareholders later in April, joining Nedbank and Absa in proceeding with paying recently declared dividends.

On Monday, the Reserve Bank’s supervision division, the Prudential Authority, issued a nonbinding recommendation for banks to consider suspending dividends and putting bonuses to senior managers on hold as SA grapples with the Covid-19 pandemic.

The Bank also said that those banks that had declared dividends and were legally required to do so, should pay them.

Nedbank said on Wednesday it would pay its R6.95 a share dividend on April 20. Absa is also set to pay its 620c a share in final dividends, translating into just more than R5.3bn in payouts to shareholders on the same day.

Standard Bank will pay its dividend of 540c a share on April 24, and consider the Reserve Bank’s guidance in terms of dividends and bonuses for its 2020 year.

“Standard Bank recognises the importance of dividends to the group’s shareholders,” it said in a statement.

“However, it also recognises the need to support the real economy in the form of funding to households and businesses amid the Covid-19 pandemic and the importance of ensuring the stability of the group in the short, medium and long term,” the statement read.

gernetzkyk@businesslive.co.za