World Business

Co-op Bank Kenya Strengthens Subsidiaries and Expands Assets

Kenyan Business Feed

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Co-op Bank Kenya continues to demonstrate resilience and strategic growth, achieving impressive expansion across its subsidiaries and reinforcing its position in the financial sector. Co-operative Bank of Kenya continues its growth by expanding subsidiaries, increasing assets to Sh743.19 billion, and enhancing its branch network. Kingdom Bank reported a net profit of Sh548.9 million despite a higher tax charge, a decline from Sh655 million the previous year. Meanwhile, Co-op Consultancy & Bancassurance Intermediary Limited saw a notable increase in pre-tax profit, rising to Sh1.2 billion from Sh877.1 million. Co-operative Bank of South Sudan contributed a modest pre-tax profit of Sh11.1 million. Additionally, Co-op Trust Investment Services Limited achieved a pre-tax profit of Sh386.4 million. It was supported by a significant 74.4% growth in funds under management, which surged to Sh381 billion.

Growth in Assets and Network

The bank's asset base expanded by 10.7%, reaching Sh743.19 billion, bolstered by a 12% increase in customer deposits to Sh506.11 billion. The loan book remained relatively stable at Sh373.7 billion. As part of its expansion strategy, Co-op Bank Kenya added 17 new branches, increasing its total network to 211 locations across the parent bank and subsidiaries. This growth resulted in the hiring of 463 additional employees, bringing the total workforce to 5,863. Co-op Bank Kenya Managing Director, Gideon Muriuki, reaffirmed the group’s commitment to strategic initiatives aimed at driving growth in various economic sectors. Co-operative Bank Kenya resilience, innovation, and customer-centric approach continue to solidify its position as a leading financial institution in Kenya.

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