Co-operative Bank’s growth in earnings has led to a sustained increase in shareholder value as reflected in the competitive Return on Equity of 21.0%.
The Board of Directors has recommended a dividend payment of Ksh.8.8 Billion, being a payout of Ksh.1.50 per share, subject to approval by the regulators and shareholders.
The Annual General Meeting (virtual) will be held on Friday, 17th May 2024.
Co-operative Bank had reported a profit before tax of Ksh32.4 billion for full year 2023, a 10% growth compared to Ksh29.4 billion recorded in 2022.
The results represent a profit after tax of Ksh23.2 billion compared to Ksh22 billion reported in 2022.
This strong performance by Co-operative Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility.
Financial Position
- Total Assets grew to Ksh.671.1 Billion, a 10.5% growth from Ksh.607.2 Billion in the same period last year.
- Net loans and advances grew to Ksh.374.2 Billion, a 10.3% growth from Ksh.339.4 Billion in 2022.
- Customer deposits grew to Ksh.451.6 Billion, a 6.6% increase from Ksh.423.8 Billion.
- External funds from development partners stands at Ksh.67.3 Billion from Kshs.48.1 Billion in 2022.
- Shareholders’ funds have grown to Ksh.113.6 Billion, a 5.5% increase from Ksh.107.7 Billion in 2022.
Comprehensive Income
- Total operating income grew by 0.6% from Ksh.71.3 Billion to Ksh. 71.7 Billion.
- Total non-interest income grew by 2.8% from Ksh.25.7 Billion to Ksh.26.5 Billion.
- Net interest income remained stable to stand at Ksh.45.2 Billion as compared to Ksh.45.5 Billion in 2022.
- Total operating expenses decreased by 6.1% from Kshs 42.2 Billion to Ksh39.7 Billion, with a critical focus on Cost Management
