Cooperative Bank of Kenya is celebrating its historic high pre- tax profit of Sh34 billion for the financial year ended 2024.
The upbeat performance casts an impressive 7.5 per cent increment from the 2023 score of Sh32.5.
Taxes however revised the margin to a still impressive of Sh25.5 billion in the fiscal year.
Group Managing Director, also Chief Executive Officer (CEO) Gideon Muriuki said the score is a deliberate harvest from the lenders strategic alignment with the ‘Soaring Eagle’ Transformation agenda.
“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,” the official stated in a statement.
With growth, the lender speaks of sustained increase in shareholder value and customer confidence as reflected in the competitive Return on Equity of 19.7 per cent.
The Board of Directors has already recommended a dividend of Sh1.50 per share.
It will, however, be considered by the regulators and shareholders before it is approved.
Other key performance highlights include growth to Sh743.2 billion of the group’s total assets, a 10.7 per cent growth from the previous year’s Sh671.1 billion.
There was also a significant spike in customer deposits up to Sh 506.1 billion, with the shareholders’ funds growing to Sh145.4 billion.
According to Muriuki, the net loans and advances stood at Sh373.7 billion as compared to Sh374.2 Billion in 2023.
External funds from development partners were Sh5.4 billion compared to 2023’s Sh67.3 billion.
“The Group reports excellent efficiency gains from the various initiatives to record a Cost-to-Income Ratio of 47.2 per cent in FY2024, from 59 per cent in FY2014 when we began our growth and efficiency journey,” he stated.
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