Co-op Bank achieves Nine billion Profit (Before Tax) between January and April 2024

Co-op Bank is pleased to report a Profit Before Tax of Kshs.9.01B for Q1 2024, a commendable 10.6% growth compared to Kshs. 8.15B recorded in Quarter 12023.

This represents a Profit after Tax of Kshs.6.5B compared to Kshs.6.11B reported in 2023.

The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience and agility.

Key Performance highlights:

Financial Position

The Group has registered strong growth as follows:

  • Total Assets grew to Kshs.714.7B, a 13.2% growth from Kshs631.1B in the same period last year.
  • Net loans and advances grew to Kshs.378.1B, a 5% growth from Kshs.360.1B in 2023.
  • Customer deposits grew to Kshs.481.8B, a 14.8% increase from Kshs. 419.8B.
  • External funds from development partners grew to Kshs.60.1B from Kshs.48.4B in 2023.
  • Shareholders’ funds have grown to Kshs.127.1B, a 12.9% increase from Kshs.112.6B in 2023.

Comprehensive Income

  • Total operating income grew by 5.1% from Kshs.17.9B to Kshs.18.8 B.
  • Total non-interest income remained stable to stand at Kshs.7.1B similar to performance recorded a year ago.
  • Net interest income grew by 8.6% from Kshs 10.8B to Kshs 11.7B in 2023.
  • Total operating expenses increased marginally by 0.5% from Kshs 9.8B to Kshs.9.9B.

Cost Management

The Group reports excellent efficiency gains from the various intiatives to record a Cost-to-Income Ratio of 44.1% in Q12024 from 59% in FY2014 when we began our Growth & Efficiency journey.

A Strong Digital Footprint

A New Core Banking System, presenting opportunity for growth and enhanced efficiency.

  • The Bank continues to leverage the new core banking system (latest version of Finacle from Infosys, one of the best-rated platforms globally), to support the Group’s digital synergy.
  • The system will further enhance service excellence and provide innovative and advanced banking solutions.
  • Through our digital channel strategy, the Bank has successfully moved 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.
  • Our Omni-channel platform continues to offer users accessibility and enhanced experience. The platform interfaces online banking through personal computers, mobile phones and USSD availing our services to all customers through their preferred channel yet retain the same user experience from wherever they are.
  • MCo-op Cash Mobile wallet continues to drive substantial non-funded income streams with Kshs18.1B in loans disbursed in Q12024, averaging Kshs.6.0B per month.
  • Over 214,000 customers have taken up the MSME packages we rolled out in 2018, and 60,850 have been trained on business management skills. In Q12024, we disbursed Kshs.3.9B to MSMEs through our Mobile E-Credit solution.
  • MSMEs make up 15.6% of our total Loan Book.

Our unique model of retail banking services avails access to cash for FOSA operations, enabling 484 FOSA outlets to support over 15M Sacco members access banking services even in rural/remote areas.

Wide and Expanding Branch Network

The Branch network has expanded to a total of 195 outlets (4 in South Sudan). We have planned 15 additional outlets in 2024 – with 2 at lmaara Mall on Mombasa Road-Nairobi and Ugunja in Siaya already opened.

Our 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.

A Growing Team

The Bank continues to invest in a competitive team set to serve existing functions at the same time tap new growth opportunities across all areas of the business.

Staff numbers have grown from 4,864 as at the close of 2022 to 5,361 – creating job opportunities for over 497young people.


  • Co-op Bancassurance Intermediary Ltd posted a Profit Before Tax of Kshs.305M 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 BeforeTax of Kshs.128.5M in Q12024 compared to a loss of Kshs.71.4M in Q12023.
  • Co-op Trust Investment Services Ltd contributed Kshs.75.5M Profit Before Tax in Q12024 compared to Kshs.51.2M in Q12023, a 47.6% growth. The Subsidiary has Funds Under Management of Kshs.227.2B.
  • Kingdom Bank Limited (AnicheMSME Bank) contributed a Profit Before Tax of Kshs.350.3M in Q12024, a remarkable growth of 33.9% fromKshs.261.5M reported in Q12023.

Long Term Financing: Women-owned/managed MSMEs

The Bank has secured a long-term loan of $25M from DEG – a subsidiary of KfW Group, for micro, small and medium-sized enterprises (MSMEs) that are managed or owned by women.

This is aligned to the Bank’s contribution to the achievementof the global Sustainable DevelopmentGoals (SDGs).

Commitment to Sustainability

In 2022, the Bank embarked on an enhanced Environmental, Social and Governance(ESG) road map to integrate ESG considerations into its operations with several key milestones achieved.

The Bank’s commitment to ESG excellence was celebrated at the 2023 Kenya Bankers’ Sustainable Finance Catalyst Awards, with the bank emerging as the Overall Award Winner.

This was the fourth win by the Bank since the inception of the award six years ago.

Co-op Bank Foundation, the Group’s social investment vehicle, continues to provide Scholarships to gifted but needy students from all regions of Kenya.

The sponsorship includes fully paid secondary education, full fees for University education,Internships,and career openingsfor beneficiaries.

The foundation is fully funded by the bank and has supported 10,264 students since the inception of the program.


The Co-operative Bank Group continues to pursue strategic initiatives that focus on resilience and growth in the various economic sectors.

This is anchored on a successful universal banking model supported by an innovative digital presence, a wide physical footprint, and the unique synergies in the over15-million-member co-operative movement that is the largest in Africa.

We are you.

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