Co-op Bank records Sh9.63 billion profit for Q1 2025
The performance by the Bank is in line with the Group's focus on sustainable growth, resilience and agility
Co-op Bank has reported Ksh 9.63 billion profit before tax for the first quarter 2025, a commendable 6.8 per cent growth compared to Ksh 9.0 billion recorded in Q1 2024.
This represents profit after tax of Ksh 6.9 billion compared to Ksh 6.6 billion registered in Q1 2024, representing a 5.3 per cent growth.
The performance by the Bank is in line with the Group’s focus on sustainable growth, resilience and agility, riding on the ‘Soaring Eagle’ Transformation Agenda.
The bank’s profit growth in the first quarter was supported by a 12.8 per cent rise in total operating income to Ksh 21.2 billion, compared to Ksh 18.8 billion the previous year.
This was backed by a Ksh 21.7 per cent jump in net interest income to Ksh 14.2 billion.
“The strong performance by the bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility,” Group Chief Executive Officer Gideon Muriuki said in a statement.
The lender’s total assets grew by 8.3 per cent to Ksh 774.1 billion, while customer deposits reached Ksh 525.2 billion, a 9.0 per cent rise.
Co-op Bank is significantly increasing its branch network by opening 15 new branches this year, bringing its total to 212, including five in South Sudan.
They include branches in Kibwezi, Imaara Mall in Nairobi, Ugunja, Luanda, Isibania, Maai Mahiu, Dagoretti Market, Marimanti, Ruiru Nord Mall, Naromoru, Eldoret Airport Road, Eldama Ravine, Westlands Square Executive Centre, Eastleigh BBS Mall, and Rumuruti.
Its subsidiary, Kingdom Bank, has also been expanding, recently opening its 23rd branch in Machakos County.
In South Sudan, the bank opened its fifth branch in Wau.
Co-op Bank is also focused on digital channels, with over 90 per cent of customer transactions now conducted through alternative delivery channels, including mobile and internet banking, and a network of over 15,594 agents.
It said its MCo-op Cash mobile wallet disbursed Sh19.1 billion in loans during the quarter, averaging Sh6.37 billion per month.
The bank is also targeting the MSME sector, with over 243,155 customers taking up its MSME packages, and 67,000 receiving business management skills training.
The bank said it has disbursed Sh3.04 billion to MSMEs through its mobile E-Credit solution, with MSMEs now accounting for 16.6 per cent of its total loan book.
Its subsidiaries also reported strong results.
Co-op Bancassurance Intermediary’s pre-tax profit was Sh402.1 million while Co-op Trust Investment Services saw its pre-tax profit jump by 113.9 per cent to Sh161.5 million.
Kingdom Bank recorded pre-tax profit of Sh224.7 million.
Muriuki said the bank is pursuing strategic initiatives focused on resilience and growth across various economic sectors.
