Co-operative Bank of Kenya has announced its first-ever interim dividend following a robust nine-month performance, with profit after tax rising to Ksh21.56 billion a 12.3% increase from Ksh19.21 billion during the same period last year.
The bank’s board approved an interim dividend of Ksh1 per share, totaling Ksh5.86 billion. This marks a historic move since Co-op Bank listed on the Nairobi Securities Exchange in 2008, having traditionally issued only a final dividend. Last year, total dividends amounted to Ksh8.8 billion or Ksh1.50 per share.
Group Managing Director and CEO Gideon Muriuki attributed the strong performance to the bank’s expanding customer base, which now exceeds 9.4 million account holders, and its extensive physical and digital footprint.
Total assets rose 10.4% to Ksh796.1 billion from Ksh720.8 billion in September 2024, driven by growth in the loan book and customer deposits. Net loans and advances increased to Ksh390.9 billion, while deposits surged to Ksh567.9 billion. Net interest income grew 13.8% to Ksh37.2 billion, supported by an expanding loan portfolio.
Non-interest income stood at Ksh22.1 billion, fueled by fees, commissions, and forex trading. Operating expenses were maintained at Ksh37.7 billion, achieving a cost-to-income ratio of 45.3%.
The bank’s subsidiaries also performed strongly. Co-op Consultancy and Bancassurance Intermediary Ltd reported higher commissions from advisory and insurance services, while Co-op Trust Investment Services Ltd managed assets worth over Ksh219 billion.
Regionally, Co-operative Bank of South Sudan returned to profitability, contributing Ksh259.3 million in pre-tax earnings amid improving economic conditions.
Digital channels continue to dominate transactions, accounting for over 93% of all banking activities via MCo-opCash, ATMs, and agency banking. During the period, the bank also disbursed more than Ksh32 billion in new SME loans and offered specialized financial solutions for SACCOs and agribusinesses.
“The bank’s deep roots in Africa’s largest co-operative movement, with 15 million members, create unique synergies and community integration that underpin our growth,” said CEO Muriuki.
