Co-operative Bank of Kenya recorded a net profit of Ksh 25.4 billion for the year ending December 2024, marking a 9.8% increase from the Ksh 23.1 billion achieved in the previous year.
This growth was driven by higher interest income and a solid performance in non-funded income streams, reinforcing the bank’s strong position in Kenya’s competitive financial sector.
The bank has maintained its dividend payout at Ksh 1.50 per share, totalling Ksh 8.8 billion.
The Co-operative Holdings Co-operative Society, which holds a majority stake in the bank, is set to receive Ksh 5.68 billion from this distribution.
This marks a consistent commitment to rewarding shareholders while reinforcing the financial institution’s stable growth trajectory.
Customer deposits for the period grew by 12%, reaching Ksh 506.1 billion, while total assets expanded by 10.7% to Ksh 743.2 billion.
These figures reflect the lender’s resilience and continued expansion, despite the global economic challenges, demonstrating the bank’s effectiveness in capturing market share through customer confidence and strategic growth.
In addition to these key financial results, subsidiaries of the Co-operative Bank, such as Kingdom Bank and Co-op Trust Investment Services, played a significant role in contributing to the overall earnings.
While Kingdom Bank recorded a decline in profit, the overall group performance remained strong, largely due to the diversified nature of the business and its investment in various financial services.
Dr. Gideon Muriuki, the Group CEO of Co-operative Bank, credited the bank’s strong performance to its emphasis on digital transformation, cost efficiency, and strategic partnerships with the cooperative movement.
These initiatives have positioned the bank as a key player in the financial sector, fostering growth and creating long-term value for its customers and stakeholders.
Bank’s Strategic Focus on Digital and ESG Goals
The bank has also made notable progress in its environmental, social, and governance (ESG) commitments, aligning its operations with international sustainability standards.
The ESG roadmap saw the approval of a comprehensive ESG policy framework, alongside the appointment of an ESG Champions Committee and the establishment of a dedicated ESG Unit within the bank.
This will guide the bank’s initiatives toward sustainable business practices, further improving its positive impact on both the environment and the community.
Co-operative Bank has also been steadfast in its support for micro, small, and medium-sized enterprises (MSMEs).
Since the bank’s introduction of services catering to MSMEs in 2018, over 170,000 customers have benefited from tailored financial products.
In 2022 alone, the bank disbursed Ksh 25.4 billion in loans to MSMEs through its mobile E-Credit solution, representing 16.9% of its total loan book.
The bank’s digital focus continues to yield results, with 92% of customer transactions now being processed through alternative delivery channels such as call centres, ATMs, and mobile and internet banking.
This digital transition has been fundamental to the bank’s operational efficiency, allowing for greater accessibility and improved customer service.
Recognition for Excellence in Customer Experience
In line with its customer-centric approach, Co-operative Bank was awarded the Excellence in Customer Experience in Digital Banking at the Digibanking Event in Nairobi.
The bank was also recognised as the ‘Best Overall in Satisfactory Customer Experience’ following a survey of 33,000 customers across 38 member banks of the Kenya Bankers’ Association (KBA).
These accolades underscore Co-operative Bank’s continued commitment to delivering exceptional service and innovative financial solutions that meet the evolving needs of its diverse customer base.
Looking Ahead: Future Growth and Strategic Focus
Looking ahead, Dr. Muriuki stated that the bank remains focused on leveraging its universal banking model, which integrates digital capabilities with a wide physical presence.
With over 15 million members in the co-operative movement—the largest such network in Africa—the bank is well-positioned to continue its expansion both in Kenya and across the region.
“The Co-operative Bank Group continues to pursue strategic initiatives that focus on resilience and growth in the various economic sectors. 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,” he noted.
This combination of financial strength, strategic investments, and customer-focused initiatives positions Co-operative Bank for continued success in 2025 and beyond.
With a focus on maintaining high-quality service, sustainability, and innovation, the bank is set to remain a key player in the financial sector in Kenya and beyond.
