Co-operative Bank of Kenya Records Strong Q3 2024 Performance.

The Co-operative Bank of Kenya has reported impressive results for the third quarter of 2024, with a Profit Before Tax (PBT) of Ksh26.8 billion, an 8.5% increase from Ksh24.7 billion in Q3 2023. Profit After Tax (PAT) rose to Ksh19.2 billion, up from Ksh18.4 billion
last year.
According to Group Managing Director and CEO Dr. Gideon Muriuki, this growth reflects the bank’s commitment to sustainable growth, resilience, and agility. The bank’s strategic focus on efficiency saw the Cost-to-Income Ratio improve to 45.8%, compared to 59% in 2014, while its Return on Equity (ROE) reached 21.3%.
Key Highlights
Total Assets: Grew by 13.5% to Ksh750.8 billion.
Customer Deposits: Increased by 18.7% to Ksh513.3 billion.
Net Loans and Advances: Rose to Ksh429.3 billion.
Operating Income: Up by 8% to Ksh59.2 billion, with net interest income growing
by 12.5%.
Digital and Subsidiary Growth
The bank continues to lead in digital transformation, with 93% of transactions now handled through mobile, internet banking, ATMs, and Co-op kwa Jirani agents. Subsidiaries like Co-op Trust Investment Services and Kingdom Bank also recorded significant growth, while the South Sudan subsidiary remains resilient despite currency challenges.
Co-op Bank’s robust results highlight its strong foundation, strategic innovation, and role as a key player in Africa’s largest co-operative movement of over 15 million members.