Co-op Bank grows net profit to Ksh.25.5B in 2024

Profit before tax rose to Ksh.34.8 billion, a 7.5% growth from Ksh.32.4 billion the previous year, supported by strong income growth and cost efficiency. 

Total operating income increased by 12.5 per cent to Ksh.80.6 billion, with net interest income up by 13.9 per cent to Ksh.51.5 billion. Non-interest income rose 10.1 per cent to Ksh.29.1 billion, reflecting success in diversifying revenue streams.

The Board of Directors has recommended a dividend payout of Ksh.1.50 per share, subject to approval at the bank’s virtual Annual General Meeting scheduled for 16th May 2025.

The bank’s digital transformation efforts continued to yield results, with over 92% of transactions now done via 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.

Despite a challenging credit environment, customer deposits grew by 12.1% to Ksh.506.1 billion, while total assets expanded by 10.7 per cent to Ksh.743.2 billion. Shareholders’ funds rose by 28% to Ksh.145.4 billion, driven by retained earnings.

Net loans and advances remained stable at Ksh.373.7 billion. The bank maintained its support for the MSME sector, disbursing Ksh.14.2 billion in 2024 through its Mobile E-Credit solution. Since 2018, over 235,000 customers have accessed the MSME banking package.

Subsidiaries contributed significantly to group earnings. Kingdom Bank posted a profit before tax of Ksh.1.07 billion, Co-op Bancassurance Intermediary Ltd Ksh.1.2 billion, and Co-op Trust Investment Services Ksh.386.4 million, with assets under management at Ksh.381 billion.

The bank also deepened its commitment to ESG priorities, winning Kenya’s Most Sustainable Bank award for the fifth time. It also launched the Co-op-a-Maji loan in partnership with Water.org to support water and sanitation initiatives.

The Co-op Bank Foundation has supported over 11,600 bright but needy students with education scholarships. The bank also opened 14 new branches in 2024, with more planned this year.

Group CEO Dr. Gideon Muriuki credited the strong results to a resilient business model, digital investment, and collaboration with the 15-million-member cooperative movement.