Co-op Bank Group is pleased to report a Profit Before Tax of Kshs. 4.98 Billion for the first quarter of 2021, a modest drop of 2.6% compared to pre-pandemic Profit Before Tax of Kshs. 5.12 Billion recorded in first quarter of 2020. This represents a strong Profit After Tax of Kshs. 3.46 billion compared to Kshs. 3.59 Billion reported in first quarter of 2020.


  • Total Assets grew by Kshs 82.5 Billion (+18%) to Kshs. 553 Billion compared to Kshs 470 Billion in the same period last year.·
  • Net loans and advances book grew by Kshs 22 Billion (+8%) from Kshs.276.2 Billion to Kshs. 298.2 Billion.
  • Investment in Government securities grew by Kshs.50.3 Billion (+43%) to Kshs. 166.2 Billion compared to Kshs. 115.9 Billion in 2020.
  • Customer deposits grew by 16% from Kshs. 340 Billion to Kshs 393.8 Billion.
  • Borrowed funds from development partners grew by Kshs. 19.5 Billion (+71%) to Kshs 46.9 Billion from Kshs.27.4 Billion in 2020.
  • Shareholders’ funds grew to Kshs. 93.7 Billion (+14%) from Kshs. 82 Billion in 2020 enabling us to continue pitching for big ticket deals.


  • Total operating income grew by 15% from Kshs 12.5 Billion to Kshs 14.4 Billion.
  • Total non-interest income declined by 9% from Kshs 4.98 Billion to Kshs 4.52 Billion on account of fee waivers in support of our customers and the general economic slowdown.
  • Net interest income grew by 31% from Kshs 7.5 Billion to Kshs 9.8 Billion.
  • Total operating expenses grew by 27% from Kshs 7.3 Billion to Kshs. 9.3 Billion on account of higher loan-loss provisions.

CREDIT MANAGEMENT remains a key focus areas in this season notably with the following key interventions;

  • End-to-end assessment of credit risk management practices by undertaking a comprehensive diagnostic review touching on each area of credit risk, including credit risk management framework with a key focus on risk governance, credit risk appetite, origination and underwriting process, credit approval process, credit scoring/rating models, and pricing.
  • Strengthen portfolio assessment and risk frameworks.
  • Enhance Collection platforms aligned to the new business operating environment.

The project is now in the implementation phase with ‘quick wins’ being realized in underwriting process with improved turnaround time in our lending operations, monitoring based on our new Early Warning System and Collections with Client-Level Action Plans.

The Group prudentially increased loan loss provisions to Kshs. 2.3 billion in the first quarter of year 2021, in appreciation of the challenges that businesses and households continue to face due to the economic effects of the ongoing pandemic.

Long Term Financing: MSME, Sustainable Agriculture and Health sectors.

  • In 2020 the Group secured a long-term financing facility from the IFC (International Finance Corporation) amounting to Kshs. 8.25 Billion for on-lending to MSMEs at affordable terms. The proceeds of the facility will support customers operating in the following key business areas;
  • · Micro small and medium enterprises (MSMEs)
  • Businesses undertaking climate-smart projects, including agricultural inputs and sustainable agricultural practices, renewable energy, energy efficiency and related areas.

The Co-operative Bank Group has put in place a proactive mitigation strategy anchored on a strong enterprise risk management framework, to enable uninterrupted access to banking services. The Bank shall, while riding on the unique synergies in the over 15 million-member co-operative movement that is the largest in Africa, continue to pursue strategic initiatives that focus on resilience and growth in the ‘New Normal’ as the Nation focuses on flattening the curve and as vibrancy returns to the Economy.