mburu jeff 
Gideon Muriuki,Group Managing Director and Chief Executive Officer (CEO) of Cooperative Bank of Kenya
Cooperative Bank of Kenya has recorded Ksh34.8 billion profit for the 2024 financial year.
This shows an increase of 7.5 per cent from the last 2023 financial year where it recorded Ksh32.4 billion profit.
This means that it has a post tax profit of Ksh25.5 billion for 2024 financial year and Ksh23.2 for 2023 financial year, an increase of 9.8 percent cent.
In a statement, Gideon Muriuki , Group Managing Director and Chief Executive Officer (CEO) OF Cooperative Bank of Kenya attributed the steady growth to the bank’s adherence to the ‘Soaring Eagle’ Transformation agenda.
“The Bank’s robust performance is in line with the Group’s strategic focus on sustainable growth, resilience, and agility, on the ‘Soaring Eagle’ Transformation Agenda,” Muriuki said.
The growth has also translated into a long-term growth in shareholder value as seen in the competitive Return on Equity of 19.7 per cent.
The Board of Directors has thus recommended a dividend per share of Ksh1.50, which will be brought to the regulators and the shareholders before it is approved.
The bank said it’s subsequent Annual General Meeting will be held virtually on May 16.
Meanwhile, other key performance highlights realized in the previous financial year are the expansion to Ksh743.2 billion of the group’s assets from last year’s Ksh671.1 billion, a 10.7 percent increase.
Customer deposits grew to Ksh506.1 billion, and shareholders’ funds grew to Ksh145.4 billion. Net loans and advances recorded were Ksh373.7 billion against Ksh374.2 Billion in 2023.
Development partners’ external funds were Ksh5.4 billion compared to 2023’s Kshs.67.3 billion.
However, total operating income, total non-interest income, net interest income, and total operating expenses all increase by 12.5 per cent, 10.1 per cent, 13.9 per cent, and 17.7 per cent respectively.
“The Group realizes very good cost reductions through the various programmes to realize a Cost-to-Income Ratio of 47.2 per cent in FY2024, down from 59 per cent in FY2014 when we embarked on our efficiency and growth journey,” read part of the statement.
The year also saw the bank achieve its digital footprint growth most prominently by migrating over 92 per cent of all customer transactions to alternative delivery channels, a 24-hour call centre, 617 ATMs & Cash Deposit Machines (CDMs), mobile & internet banking and over 16,000 networks of Co-op kwa Jirani agents.
The Mco-op Cash Mobile wallet accounted for Kshs 76.7 billion in loans disbursed in the financial year, averaging Ksh6.39 Billion per month.
