Resurgent banking dividends drove UK dividend growth in 2023

  • UK dividends grew 5.4% in 2023 on an underlying basis, but lower one-offs pulled headline figures down​
  • Q4 saw 15.6% underlying growth, boosted by banks​
  • 2024 forecast: underlying growth of 2.0% taking regular dividends to £89.8bn​
  • One-off special dividends fell by £7.4bn in 2023, impacting headline growth by 7.9 percentage points​
  • Banks paid £13.8bn in 2023, up by one third, and became the top-paying sector for the first time since 2007​
  • Oil dividends jumped to £11.6bn, up by one seventh​
  • Utilities paid a record £4.1bn, thanks to inflation-linked dividend policies​
  • 2024 Outlook: Growth likely to slow - forecasting 2.0% underlying; headline total to be boosted by larger one-offs

“The global economy held up better than expected, including the UK. Yet some of the key engines of dividend growth such as banking and oil are likely to slow this year, limiting the increase in total payouts.”

Mark Cleland

Mark Cleland
CEO of Governance Services & CEO of Issuer Services UCIA

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