Co-op Bank eyes Sh1 trillion asset base in five years
The 2025-2029 Good to Great Strategy, which has been endorsed by the Board of Directors, aims to enhanced the bank's dominance in its primary market
Co-op Bank has embarked on a corporate strategy that will guide its activities for the next five years with a view to growing the bank’s asset base to over Ksh 1 trillion.
The lender currently boasts of Ksh 743.2 billion in total assets.
The 2025-2029 Good to Great Strategy, which has been endorsed by the Board of Directors, aims to enhanced the bank’s dominance in its primary market, Kenya, through optimising the opportunities present in various sectors and subsectors, continued synergy with the over 15-million-member co-operative movement as well as seamless and delightful customer experience across its touch points.
According to the Financial Year 2024 investor briefing, it other objectives are leveraging digital transformation/innovation for operational efficiency supported by an engaged and highly productive workforce, optimal Enterprise Risk and Compliance in the dynamic environment and positive impact on the economy, society, and environment.
Co-op Bank last week announced its profit before tax expanded to Ksh 34.8 billion for Financial Year 2024, a commendable 7.5 per cent growth compared to Ksh 32.4 billion recorded in Financial Year 2023. This represents a profit after tax of Ksh 25.5 billion compared to Ksh 23.2 billion reported in 2023, a growth of 9.8 per cent.
Co-op Bank Group Managing Director and CEO Dr Gideon Muriuki said it was the best performance ever by the bank.
He said the strong performance by the bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility, riding on the ‘Soaring Eagle’ Transformation Agenda. It has led to a sustained increase in shareholder value as reflected in the competitive return on equity of 19. 7 per cent.
