Co-op Bank Profit For 2024 Jumps to Ksh34.8B

Co-op Bank has reported a Profit Before Tax of Ksh34.8 billion for the financial year 2024, a 7.5% growth from Ksh32.4 billion in 2023. This represents a profit after tax of Ksh25.5 billion, up from Ksh23.2 billion in 2023, representing an increase of 9.8%.

The strong performance by Co-op Bank is in line with the group’s strategic focus on sustainable growth, resilience and agility, riding on the ‘Soaring Eagle’ Transformation Agenda.

The strong performance has led to a sustained increase in shareholder value as reflected in the competitive Return on Equity of 19.7%. The Board of Directors has recommended a dividend of Ksh1.50 per share, subject to approval by the regulators and shareholders.

> Co-op Bank Half Yea Profit Grows to Ksh18.2 Billion

Financial Position

Total Assets grew to Ksh743.2 billion, a 10.7% growth from Ksh671.1 billion in the same period last year.

• Net loans and advances remained stable at Ksh373.7 billion compared to Ksh374.2 Billion in 2023.
• Customer deposits grew to Ksh506.1 billion, a 12.1% increase from Ksh451.6 billion.
• External funds from development partners were Ksh55.4 billion compared to Ksh67.3 billion in 2023.
• Shareholders’ funds have grown to Ksh145.4 billion, a 28% increase from Ksh113.6 billion in 2023 driven by the strong growth in retained earnings of Ksh16.7 billion.

Comprehensive Income

• Total operating income grew by 12.5% from Ksh71.7 billion to Ksh80.6 Billion.
• Total non-interest income grew by 10.1% from Ksh26.5 Billion to Ksh29.1 Billion.
• Net interest income grew by 13.9% from Ksh45.2 Billion to Ksh51.5 Billion.
• Total operating expenses grew by 17.7% from Ksh39.7 Billion to Ksh46.7 Billion.

Cost Management

 The Co-operative Bank Group reports excellent efficiency gains from the various initiatives to record a Cost-to-Income Ratio of 47.2% in 2024, from 59% in 2014 it began its Growth & Efficiency journey.

Managing Director and CEO, Dr Gideon Muriuki, says Co-operative Bank Group continues to pursue strategic initiatives that focus on resilience and growth in the various economic sectors. “This is anchored on a successful universal banking model supported by an innovative digital presence, a wide physical footprint, and the unique synergies in the over 15-million-member co-operative movement that is the largest in Africa,” he said.

> Philanthropist Earns Forbes Award For Funding Charity Initiatives Worldwide