Nairobi, Aug. 6 -- Stanbic Holdings Plc has cut its interim dividend payout by more than half despite its profit remaining flat as it seeks to boost capital and support growth.

The listed group, affiliated with Africa's largest lender Standard Bank of South Africa, announced an interim dividend of Sh1.64 per share, down from Sh3.80 paid out at the same time last year.

The drop is despite the group posting a profit after tax of Sh6.6 billion for the six months ended June, a one percent rise compared to Sh6.54 billion posted a year earlier.

Stanbic Holding, which comprises Stanbic Bank Kenya, its South Sudan operations, investment bank SBG Securities and bancassurance business, attributed the dividend cut to a need to boost its capital....