Co-op Bank posts a net profit of KSh19.2B, up from KSh18.4B

The Co-operative Bank has reported a profit before tax of KSh26.8 billion during the third quarter of 2024.

This represents an impressive 8.5% growth compared to KSh24.7 billion recorded during the same period in 2023.

This means that Co-op Bank has posted a profit after tax of KSh19.2 billion compared to KSh18.4 billion reported in 2023.

The bank attributes this strong performance to the Group’s strategic focus on sustainable growth, resilience, and agility, delivering a competitive Return on Equity of 21.3%, riding on the ‘Soaring Eagle’ Transformation Agenda.

Financial performance highlights:

Total Assets grew to Kshs.750.8 Billion, a 13.5% growth from Kshs 661.3 Billion in the same period last year.
Net loans and advances grew to Kshs. 381.3 Billion from Kshs.378.1 Billion in 2023.
Customer deposits grew to Kshs. 514.0 Billion, an 18.7% increase from Kshs. 432.8 Billion.
External funds from development partners stand at Kshs. 58.0 Billion compared to Kshs.65.6 Billion in 2023.
Shareholders’ funds have grown to Kshs. 131.8 Billion, a 22% increase from Kshs. 108.1 Billion in 2023 driven by the strong growth in retained earnings of Kshs. 16.3 Billion.

Gideon Muriuki, the Managing Director at Co-op Bank, says that over 231,200 customers had taken up the institution’s MSME packages rolled out in 2018, and 64,100 have been trained on business management skills.

“Year to date, we have disbursed Kshs. 11 Billion to MSMEs through our Mobile E-Credit solution. MSMEs make up 15.9% of our total Loan Book,”Muriuki says.

Muriuki also says that its branch network has expanded to a total of 204 outlets (5 in South Sudan).

“We have planned 15 additional outlets this year, with 8 already opened at these locations; Imaara Mall-Mombasa Road-Nairobi, Ugunja in Siaya, Luanda, Isibania, Maai Mahiu, Dagoretti Market, Marimanti and Ruiru Nord Mall,” he adds.

Kingdom Bank, which is 90% owned by Co-op Bank, opened its 22^nd branch in Meru County, being the third branch opened this year.

Co-operative Bank of South Sudan opened its fifth branch in Wau, supporting business growth and financial inclusion in South Sudan.