This archive report was first published on 24 December 2021.
Published on December 24, 2021, Co-operative Bank of Kenya has ended the year on a high note, with shareholders poised to receive dividends. The lender's nine months' net profit rose by 18.9% to Ksh11.6 billion.
Despite the Covid-19 pandemic, Co-op Bank maintained a Ksh5.86 billion dividend payout in 2020, despite a 24.4% decline in full-year net profit due to increased provisions for bad loans. This bold move earned its CEO, Mr Gideon Muriuki, the title of Best Bank CEO in Africa and Co-operative the best bank in Kenya.
Co-op Bank's strong performance has been attributed to its strategic focus on growth, resilience, and agility. The bank's revenues grew by 19.2% to Ksh44.4 billion from Sh37.2 billion in the same period last year, with net interest income increasing by more than a fifth to Sh28.7 billion from Sh23.6 billion.
The bank's total assets grew by Ksh82 billion to Ksh592.9 billion compared to Ksh510.9 billion in the same period last year. This bullish performance has increased shareholder optimism for fat dividends as the year closes.
