Co-operative Bank Posts Ksh 25.5 Billion Net Profit for 2024, Marks Steady Growth

The Co-operative Bank of Kenya has released its full-year financial results for 2024, showcasing a strong performance amidst a challenging economic landscape.

The bank reported a net profit of Ksh 25.5 billion for the year ending December 31, 2024, reflecting a 9.8% increase from Ksh 23.2 billion in 2023.

Financial Highlights:

Profit Before Tax: Rose by 7.5% to Ksh 34.8 billion, supported by strong income growth and cost efficiency.

Operating Income: Grew by 12.5% to Ksh 80.6 billion, driven by a 13.9% increase in net interest income (Ksh 51.5 billion) and a 10.1% rise in non-interest income (Ksh 29.1 billion).

Dividend Payout: The Board of Directors has recommended a dividend of Ksh 1.50 per share, subject to shareholder approval at the bank’s virtual Annual General Meeting on May 16, 2025.

Digital Transformation and Customer Growth:

The bank’s digital transformation efforts continued to bear fruit, with over 92% of transactions now conducted through mobile banking, internet banking, ATMs, and agency banking. Its mobile lending platform, MCo-op Cash, disbursed Ksh 76.7 billion in loans during the year, averaging Ksh 6.39 billion monthly.

Customer deposits grew by 12.1% to Ksh 506.1 billion, while total assets expanded by 10.7% to Ksh 743.2 billion. Shareholders’ funds also rose by 28% to Ksh 145.4 billion, driven by retained earnings.

Support for MSMEs and Subsidiaries:
The bank reinforced its commitment to supporting Micro, Small, and Medium Enterprises (MSMEs), disbursing Ksh 14.2 billion through its Mobile E-Credit solution in 2024.

Since 2018, over 235,000 customers have benefited from the MSME banking package.

Subsidiaries also performed well:

Kingdom Bank posted a profit before tax of Ksh 1.07 billion.
Co-op Bancassurance Intermediary Ltd recorded a profit before tax of Ksh 1.2 billion.
Co-op Trust Investment Services reported Ksh 386.4 million in profit before tax, managing assets worth Ksh 381 billion.

ESG and Community Impact:

The Co-operative Bank deepened its commitment to environmental, social, and governance (ESG) priorities, earning the Kenya’s Most Sustainable Bank award for the fifth time. It also launched the Co-op-a-Maji loan, a partnership with Water.org to finance water and sanitation projects.

In line with its community-focused initiatives, the Co-op Bank Foundation supported over 11,600 needy students with education scholarships. Additionally, the bank expanded its network by opening 14 new branches in 2024, with plans to open more this year.

CEO’s Remarks:
Group CEO Dr. Gideon Muriuki attributed the strong performance to the bank’s resilient business model, strategic digital investments, and its collaboration with the 15-million-member cooperative movement. “Our success is a testament to our unwavering commitment to our customers, our communities, and sustainable growth,” he said.

With its robust financial results and continued focus on innovation and sustainability, Co-operative Bank remains a leader in Kenya’s banking sector.