31/05/2024 08:20 AM

KUALA LUMPUR, May 29 (Bernama) -- Co-opbank Pertama (CBP) has announced a 3.6 per cent dividend for the Cooperative Deposit Account - Group Statutory Reserve Fund (ADK-KWRS) for the financial year ending Dec 31, 2023 (FY2023).

“Dividends totalling RM9.75 million were distributed to 458 contributing cooperatives, the highest compared to previous years,” Cooperatives Commission of Malaysia (SKM) executive chairman Lieutenant General Datuk Ahmad Norihan Jalal said at an ADK-KWRS ceremony here today.

CBP was appointed ADK-KWRS fund manager on Sept 12, 2019 for five years until 2024 in an initiative under SKM’s Cooperative Services Sector Development Plan to empower the national cooperatives movement.

CBP chairman Datuk Baharom Embi and chief executive officer Khairil Anuar Mohammad Anuar were present at the event.

Khairil Anuar said CBP managed 458 cooperatives that made accumulated deposits of RM267 million until Dec 31, 2023.

 "The number of ADK-KWRS depositors rose by 62 per cent to 458 cooperatives from 282 in 2022, while total deposits were up by 41 per cent, which suggests that the cooperative sector continues to remain intact despite economic uncertainties," he said.

He added that CBP, itself a depositor, is targeting a higher rise in deposits by the end of this year.

To achieve this, CBP will work with SKM to introduce this deposit account to eligible cooperatives nationwide via roadshows and briefing sessions.

"The ADK-KWRS deposit is expected to help cooperatives needing financing by offering competitive profit rates," he said.

At the ceremony, CBP expressed appreciation to 20 of the highest dividend recipients.


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