Shareholders suffer as dividends fall by quarter However, the apparent slump in shareholder payments was caused by the absence of large special dividends in the first quarter this year, following large payouts last year, notably from Vodafone and Cairn Energy. When these special payments are stripped out, underlying dividend growth for the first quarter of 2013 was 6.1pc. This is still lower than the 9.2pc underlying growth seen in the first three months of 2012 but comfortably ahead of inflation, as measured by the retail price index. Figures revealed last week showed inflation came in at 3.3pc during March. "There is a modest slowdown in underlying dividend growth underway, but 6.1pc should not be considered a poor performance," Justin Cooper, chief executive of Capita Registrars said. Special dividends in particular are unpredictable so it is quite possible that headline payouts may fail to top the 2012 total. However, Capita Registrars is forecasting total 2013 dividends of £80.5bn, which is flat ion a year-on-year basis. Underling dividends are expected to rise 8.6pc over the course of the year, implying an increase in dividend growth through the rest of the year. As well as the effect of special payouts, HSBC also paid its first quarter dividend early this year - in December, rather than January - reducing the first quarter total by £1.2bn. Also, a range of smaller companies delayed their payouts into the second quarter of 2013, creating a £120m hole in the first quarter. Oil companies showed the strongest growth in dividends, with the sector payout rising 12pc on an underlying basis. The weakest sector was pharmaceuticals, with the sector's total dividend falling 2.7pc owing to weakness at AstraZeneca, whose dividend was down in sterling terms. Insurance companies such as Aviva and RSA have also announced dividend cuts for this year too.