Co-operative Bank has posted pre tax profits of Kshs. 9.01 Billion in the first quarter of 2024.
The results represent a 10.6% growth compared to Kshs. 8.15 Billion recorded in Quarter 1 2023, and represent a Profit after Tax of Kshs. 6.58 Billion compared to Kshs. 6.11 Billion reported in 2023.
During the period, Customer deposits grew to Kshs. 481.8 Billion, a 14.8% increase from Kshs. 419.8 Billion. Total Assets grew to Kshs.714.7 Billion, a 13.2% growth from Kshs 631.1 Billion in the same period last year. ·
Co-op Bancassurance Intermediary Ltd also posted a Profit Before Tax of Kshs 305 Million in Q12024, riding on strong penetration of Bancassurance business.
Co-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 128.5 Million in Q12024 compared to a loss of Kshs. 71.4 million in Q12023.
Co-op Trust Investment Services Ltd contributed Kshs. 75.5 Million Profit Before Tax in Q12024 compared to Kshs. 51.2 Million in Q12023, a 47.6% growth. The Subsidiary has Funds Under Management of Kshs. 227.2 Billion.
Meanwhile, Kingdom Bank Limited (a niche MSME Bank) contributed a Profit Before Tax of Kshs. 350.3 Million in Q12024, a remarkable growth of 33.9% from Kshs. 261.5 Million reported in Q12023.
The Branch network has expanded to a total of 195 outlets (4 in South Sudan), with plans for 15 additional outlets this year. Two other branches at Imaara Mall on Mombasa Road-Nairobi and Ugunja in Siaya are already open.
Through its digital channel strategy, the Bank has been successful in moving over 93% of all customer transactions to alternative delivery channels, a 24-hour contact centre, 605 ATMs & Cash Deposit Machines (CDMs), mobile & internet banking and over 16,000 network of Co-op kwa Jirani agents.
Meanwhile, Co-op bank Subsidiary, Kingdom Bank, opened a new Branch in Gikomba, aligning perfectly with the Bank’s strategic vision to serve markets where Kingdom Bank has niche expertise notably MSMEs.
In a statement releasing the results today, Co-op Bank Group Managing Director and CEO Dr. Gideon Muriuki has further revealed that the Bank has secured a long-term loan of USD 25 million from DEG , for micro, small and medium-sized enterprises (MSMEs) that are managed or owned by women.
This, Dr Muriuki said, is aligned to the Bank’s contribution to the achievement of the global Sustainable Development Goals (SDGs).