Cooperative Bank Kenya (Co-op Bank) has announced that it has recorded Ksh. 6.9 billion after tax in the first three months of 2025. This is a slight increase from the Ksh. 6.6 billion profit after tax in recorded in a similar period in 2024.
According to the bank, the Ksh. 300 million increase in profit is because of growth in its assets, loans and advances, as well as customer deposits over the period. The bank’s assets, for instance, grew by 8.3% or Ksh. 59.4 million, to stand at Ksh. 774.1 billion from Ksh. 714.7 billion in the same period last year.
Loans advanced in the three months grew to Ksh. 384.5 billion, up by Ksh. 6.4 million from last year, while customer deposits grew to Ksh. 525.2 billion, a 9% rise.
Shareholders’ funds grew to Ksh. 155.9 billion, a 22.7% increase from Ksh. 127.1 Billion in Q1 2024, driven by the strong growth in retained earnings of Ksh. 16.7 billion.
Mco-op Cash Mobile wallet distributed Ksh. 19.1 billion in the same period, averaging Ksh6.37 billion per month and this contributed to earnings.
Over the three months, Co-op Bank’s total operating income rose by 12.8%, climbing from Ksh.18.8 billion to Ksh. 21.2 billion. The boost was driven by net interest income, which jumped by 21.7% to hit Ksh. 14.2 billion—up from Ksh. 11.7 billion. Non-interest income dipped slightly by 1.9% dropping from Ksh. 7.1 billion to Ksh. 6.9 billion. At the same time, operating expenses ballooned by 19.1% to stand at Ksh. 11.7 billion.
Co-op Bank now employs 5,888 having added over 488 young people, as well as expanding to a total of 212 outlets (5 in South Sudan). The newest branch in Kibwezi saw the Bank add 15 additional outlets this year.
In terms of subsidiaries, the Co-operative Bank of South Sudan, which is a unique joint venture partnership with the Government of South Sudan (Co-op Bank 51 per cent and GOSS 49 per cent), made a Profit Before Tax of Ksh80.7 million in the three months to March. It was revised to account for changes in the general purchasing power of the South Sudanese Pound, resulting in a loss of Ksh. 47 million.
Co-op Trust Investment Services Ltd contributed Ksh. 161.5 Million Profit Before Tax in Q1 2025 compared to Ksh. 75.5 Million in Q1 2024, a 113.9% growth. The Subsidiary has Funds Under Management currently at Ksh. 383.9 billion. Kingdom Bank Limited, on the other hand, contributed a Profit Before Tax of Ksh. 224.7 million, while Kingdom Securities Limited recorded growth to Ksh. 41.8 million.