The Cooperative Bank of Kenya posted a 4.4% increase in net profit for the nine months ending September 2024, with earnings reaching KSh 19.2 billion.
This growth, from KSh 18.39 billion in the same period last year, was driven by a 12.3% rise in net interest income to KSh 36.87 billion and an 8.2% increase in non-interest income to KSh 22.28 billion.
Co-op Bank’s Managing Director, Gideon Muriuki, attributed the performance to the bank’s focus on sustainable growth, resilience, and agility under its “Soaring Eagle Transformation” initiative, yielding a 21.3% return on equity.
The bank managed this growth despite a 12.7% rise in operating expenses to KSh 32.68 billion, largely due to higher loan loss provisions and staff costs. Loan loss provisions increased by a third to KSh 5.6 billion, while staff expenses rose 10.8% to KSh 13.5 billion, reflecting salary adjustments and additional hires to support Co-op’s expanding branch network.
Branch Expansion and Staff Growth
The bank has expanded its branch network by 11 new branches, bringing its total to 204 outlets, up from 193 last year. Co-op Bank now employs 5,617 people, an increase of 368 staff members over the year. New locations include branches in Imara Mall (Nairobi), Ugunja (Siaya), Luanda (Vihiga), and a third Kingdom Bank branch in Meru.
Subsidiary Performance and Bancassurance Growth
Kingdom Bank, a Co-op Bank subsidiary, saw its net profit drop by 23% to KSh 63 million due to increased tax obligations, despite a pre-tax profit rise of 14.5% to KSh 897.7 million. The Co-op Consultancy and Bancassurance Intermediary reported a net profit increase to KSh 824.3 million, supported by expanding bancassurance operations.
Co-op Bank South Sudan also performed strongly, posting a net profit of KSh 434.7 million, up from KSh 246.9 million, excluding inflation adjustments. Meanwhile, Co-op Trust Investment Services recorded KSh 254.9 million in pre-tax profit, with funds under management growing by 52.8% to KSh 219.9 billion.
Assets, Deposits, and Efficiency
Co-op Bank’s total assets grew by 13.5% to KSh 750.8 billion, while customer deposits rose 18.7% to KSh 514 billion, supported by a 22% increase in shareholders’ funds to KSh 131.8 billion. The bank’s cost-to-income ratio improved slightly to 45.8%, reflecting efficiency gains in operations.
These results underscore Co-op Bank’s strategic focus on sustainable growth and innovation within Kenya’s competitive banking sector.
missavxxx.com says
What a data off un-ambiguity annd preserveness of prescious fzmiliarity about unexpected emotions.
xxx charm says
When I initially commente I clicked the “Notify me when new comments are added” checkbox
and noww each tiome a comment iss addded I get several emails
wiith thhe same comment. Is thbere any waay youu cann remove people from thst service?
Thank you!
gizmo porno says
Hi, I do believe thios is ann excellen blog. I stmbledupon it ;) I’m gping too come back oncce agzin since I book-marked it.
Money and freedom is the greatest way tto change, may you bee rch and contnue too gude others.
xxxxvideos.cc says
Piewce off writing writing is alo a excitement, iff youu bee fammiliar wit then you caan write if nott it iss difficultt to write.
xxxproud says
We are a groyp off volunteers annd opening a new scheme iin ourr community.
Your wwebsite provided us with valuabvle info to work on. You’ve done a formidahle job and our
eentire community will bbe grateful to you.
javmax.cc says
I thhink that iss onne off tthe sch a lot important infomation for
me. And i’m glad studying yyour article. Howevfer shuld observation oon sime ommon things, Thee sikte taswte
is great, tthe articles iss inn reality excellent : D.
Excellent process, cheers