Global dividends hit a record $1.66 trillion last year, according to a report by fund manager Janus Henderson Group, which expects another all-time high in 2024.
Payouts were up 5% in 2023, according to the report. Almost half the growth came from the banking sector, which rewarded shareholders following a surge in profit from lending.
It was the third consecutive record high for dividends following a brief decline in payouts during the pandemic in 2020. Janus Henderson expects total dividends to hit a fresh record of $1.72 trillion this year, up 3.9% on a headline basis.
The data suggests corporate balance sheets are resilient, despite a global economic downturn and higher debt-servicing costs. It’s also an indication of the benefits to the banking sector of higher interest rates.
“Corporate cash flow in most sectors remained strong and this provided plenty of firepower,” said Ben Lofthouse, head of Global Equity Income at Janus Henderson.
Among companies globally, 86% either increased their dividends or left them unchanged last year, with notable increases also coming from technology, vehicle manufacturing and energy.
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