The Co-operative Bank of Kenya has posted a record profit of KSHS 34.8bn in FY2024, up 7.5% on the previous year.
The bank, which holds its AGM next month, says this is the best financial performance in its history and has recommended a dividend of KSHS 1.5 per share, subject to approval by members and the regulator.
Other highlights of the report are a 10.7% growth in assets to KSHS 743.2bn, and customer deposits up 12.1% to KSHS 506.1bn.
Total operating income rose 12.5% to KSHS 80.6bn. Net loans and advances remained stable at KSHS 373.7bn, slightly down from KSHS 374.2bn in 2023.
Operating expenses rose 17.7% to KSHS 46.7bn, which the bank attributed to increased staff costs, which grew to KSHS 18.3bn from KSHS 16.7bn.
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The bank continued to open branches, with 14 new ones in 2024, bringing the total to 211, including five in South Sudan.
At the same time, it continued focusing on digitisation, and over 92% of customer transactions were conducted through digital channels, including mobile and internet banking, ATMs, and agency banking. The MCo-op Cash mobile wallet disbursed KSHS 76.7bn in loans during the year.
Group managing director and CEO, Dr Gideon Muriuki, attributed the strong performance to the bank’s focus on sustainable growth, resilience, and agility under its ‘Soaring Eagle’ Transformation Agenda.
“The Co-operative Bank group continues to pursue strategic initiatives that focus on resilience and growth in the various economic sectors”, he said. “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.”
