Cooperative Bank of Kenya has posted a Profit Before Tax of Ksh 32.4Billion for Full Year 2023, a 10% growth compared to Kshs. 29.4 Billion recorded in Full Year 2022.
This represents a Profit after Tax of Kshs. 23.2 Billion compared to Kshs 22 Billion reported in 2022.
In a statement announcing the results, Group Managing Director & CEO Dr. Gideon Muriuki said the strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility.
During the period, customer deposits grew to Ksh 451.6Billion, a 6.6% increase from Ksh 423.8Billion. Net loans and advances also grew to Ksh 374.2 Billion, a 10.3% growth from Ksh 339.4Billion in 2022.
The bank says the strong performance has led to a sustained increase in shareholder value as reflected in the competitive Return on Equity of 21%.
On the Comprehensive income, the bank has reported that total operating income during the period grew from 0.6% from Kshs 71.3Billion to Kshs 71.7Billion
Other bank subsidiaries, namely the Co-op Consultancy & Bancassurance Intermediary Ltd have posted a Profit Before Tax of Kshs 877.1 Million in FY2023, riding on strong penetration of Bancassurance business.
On the other hand, o-operative Bank of South Sudan that is a unique joint venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) made a Profit Before Tax of Kshs 291.3 Million in FY2023 compared to Kshs. 132.7 million in 2022, a 119.5% growth
On its part, Co-op Trust Investment Services Ltd contributed Kshs. 226.0 Million Profit Before Tax in FY2023, an 8.6% growth. The Subsidiary has Funds Under Management of 218.4 Billion.
Meanwhile, Kingdom Bank Limited , A niche MSME Bank, contributed a Profit Before Tax of 1.08 Billion in FY2023, a remarkable growth of 36.4% from Kshs. 792.6 Million reported in FY2022.
The Board of Directors meanwhile has recommended a dividend payment of Ksh 8.8Billion, being a payout of Ksh 1.50 per share subject to approval by the regulators and shareholders during the forthcoming Annual General Meeting to held on Friday, 17th May 2024.