Co-op Bank Achieves Record Ksh34.8 Billion Profit for 2024

Cooperative Bank of Kenya has announced its highest-ever profit for the 2024 financial year, recording Ksh34.8 billion, marking a 7.5% increase from 2023’s Ksh32.4 billion.

After-tax profit stands at Ksh25.5 billion for 2024, up from Ksh23.2 billion in 2023, reflecting a 9.8% growth.

Group Managing Director and CEO Gideon Muriuki credited the bank's success to the 'Soaring Eagle' Transformation agenda, which has driven the bank's focus on sustainable growth and resilience.

As a result of the strong performance, the bank has posted a competitive Return on Equity of 19.7%, and the Board has recommended a dividend of Ksh1.50 per share, subject to approval.

Key highlights from the bank's 2024 financial year include:

Total assets grew to Ksh743.2 billion, a 10.7% increase from Ksh671.1 billion in 2023.

Customer deposits rose to Ksh506.1 billion.

Shareholder funds grew to Ksh145.4 billion.

Net loans and advances stood at Ksh373.7 billion, slightly down from Ksh374.2 billion in 2023.

The bank saw growth in operating income, non-interest income, and net interest income, though total operating expenses increased by 17.7%.

Efficiency improvements have led to a notable Cost-to-Income Ratio of 47.2% in FY2024, down from 59% in FY2014, demonstrating the success of their efficiency strategies.

Digitally, the bank expanded its footprint, with over 92% of customer transactions now carried out through alternative channels such as mobile banking, ATMs, and over 16,000 Co-op kwa Jirani agents. The Mco-op Cash Mobile wallet also saw Ksh76.7 billion in loans disbursed during the year.

The bank’s Annual General Meeting is scheduled for May 16, 2025, where shareholders will review the proposed dividend.