BUSINESS

Co-op Bank Rides on ‘Soaring Eagle’ to Ksh9.6 Billion Profit

Share
Co-op Bank Q1 2025 profit
The group’s financial position registered strong growth.
Share

Co-operative Bank has reported a Profit Before Tax of Ksh9.63 billion for the first quarter of 2025, a 6.8% growth from Ksh9 billion recorded in the same period in 2024. This represents a profit after tax of Ksh6.9 billion compared to Ksh6.6 billion reported over the previous year, a growth of 5.3%.

The strong performance is in line with the Group’s strategic focus on sustainable growth, resilience, and agility, riding on its ‘Soaring Eagle’ transformation agenda, Co-op Ban Group CEO and MD, Dr Gideon Muriuki says.

The group’s financial position registered strong growth. Total Assets grew to Ksh774.1 billion, 8.3% growth from Ksh714.7 billion.Net loans and advances grew by 1.7% to Ksh384.5 billion compared to Ksh378.1 billion in Q1 2024.Customer deposits increased to Ksh525.2 billion, a 9.0% increase from Ksh481.8 billion.

Meanwhile, shareholders’ funds have grown to Ksh155.9 billion, a 22.7% increase from Ksh 127.1 billion in Q12024 driven by the strong growth in retained earnings of Ksh16.7 billion.

> Co-op Bank Taps Real Estate Consultancy to Growth Mortgage Uptake

The Group says reported “excellent efficiency gains from the various initiatives” to record a Cost-to-Income Ratio of 45.5% in Q1 2025, from 59% in FY2014 when it kicked off its growth & efficiency journey.

Performance of Subsidiaries

Co-op Bancassurance Intermediary Ltd posted a Profit Before Tax of Ksh402.1 million in Q12025, riding on strong penetration of Bancassurance business.

Co-operative Bank of South Sudan, which is a unique joint venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) made a Profit Before Tax of Ksh80.7 million in Q1 2025. This performance was, however, restated to reflect the changes in general purchasing power of the South Sudanese Pound resulting in a loss of Ksh47.0 million.

Co-op Trust Investment Services Ltd contributed Ksh161.5 Million Profit Before Tax in Q1 2025 compared to Ksh75.5 million in Q1 2024, a commendable 113.9% growth. The subsidiary has Funds Under Management currently at Ksh383.9 billion.

Kingdom Bank Limited (A niche MSME Bank) contributed a Profit Before Tax of Ksh224.7 million in Q12025.

Kingdom Securities Limited contributed a Profit Before Tax of Ksh41.8 million in Q12025, a growth of 199.6%

“The Co-operative Bank Group continues to pursue strategic initiatives that focus on resilience and growth in the various economic sectors,” says CEO and MD, Dr Gideon Muriuki. “This is anchored on a successful universal banking model supported by an innovative digital presence, a wide physical footprint, over 9.4 Million account holders and the unique synergies in the over 15-million-member co-operative movement that is the largest in Africa.”

> Michelle Morgan’s Big Shift From News Anchor to Security Firm CEO

Written by
BT Reporter -

editor [at] businesstoday.co.ke

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PAST ARTICLES AND INSIGHTS

Related Articles
Safaricom head office in Nairobi. PHOTO/@SafaricomPLC/X
BUSINESS

Chamber of Commerce Raises Economic Concerns Over Safaricom Stake Sale

Kenya’s business community has raised fresh concerns over the government’s plan to...

Parliament in session
BUSINESS

Safaricom Stake Sale Faces Scrutiny as Parliament Questions Ksh34 Share Price

Parliament has intensified scrutiny of the government’s plan to sell part of...

A section of KRA office. PHOTO/@KRACorporate/X
NEWS

KRA Seizes Ksh281M Worth of Contraband Cigarettes at Mombasa Port

Kenya Revenue Authority (KRA) has stopped a major smuggling attempt at the...

Farmers Choice Kenya
BRAND VOICEBUSINESS

Farmer’s Choice Achieves Global Food Safety Certification

Farmer’s Choice Limited, one of Africa’s leading producers of fresh and value-added...