It surprises me too.

Kwani it is only Co-op's 12% that is a problem. Look at the other threads and see people celebrating similar or even slightly lower dividend yields days before the massacre began.

Besides the hassles you have alluded to , what is 20% of 20K surely? Isn't this the true definition of peanuts?

https://www.businessdail...-in-co-op-bank--4169060

Billionaire investor Baloobhai Patel has bought an additional 14.6 million shares in Co-operative Bank with a current market value of Sh181.8 million, entrenching his position as the lender’s second-largest individual investor.

Filings by the Nairobi Securities Exchange-listed firm show that Mr Patel raised his holdings in Co-op Bank to 55.1 million shares at the end of last month from 40.4 million shares as of December 31, 2022.

This led to his stake in the country’s third largest bank rising to 0.94 percent –with a current market value of Sh683.8 million— from 0.69 percent over the same period.

Mr Patel is among investors set to benefit from Co-op Bank’s new record dividend of Sh1.5 per share or a total of Sh8.8 billion for the year ended December.

This will see Mr Patel receive a payout of Sh78.5 million, net of taxes.

The bank raised the dividend by 50 percent from the Sh1 per share distributed for the previous financial year.

The consensus expectation based on q3 eps and precedent of previous year is 1.50 Bob pershare.
This is a good dividend yield bearing in mind COOP has not been issuing interim dividend .
This is a full fledge dividend quite unlike her counterparts that have already issued interim dividend in previous quarters .
Coop bank now becomes the darling of finance sector based on full year dividend momentum .
Be aware about 65% of coop shares is owned by Saccos so a good dividend is assured .
It should interest you that ONLY COOP paid normal dividend of 1.00 Bob in covid era quite unlike her counterparts that slashed dividends considerably

COOP's operating income was flat Vs 2022, they only booked an increase in net profit after reducing provisions, this while gross NPLs increased.
NCBA might soon solidly beat them to number 3 bank in Kenya, NCBA already has bigger balance sheet, only remaining metric is profit and gap is closing.
The wisdom of their decision not to invest outside KE, save for S. Sudan is debatable.
Do they need a new MD with new ideas?
The jamii bora takeover went well though after buying it for 1B, it now has PBT of 1B.
All in all a good dividend play(because where else are they going to take the profits?), great value at current price.

COOP on Q1 2024 will be the number 2 PBT. I speak in code