Co-operative Bank Group has reported net profit of Ksh 25.5 billion, which represents a 9.8pc growth.
The rise in profits which was driven by double digit growth in interest income will see shareholders pocket Ksh 8.8 billion in dividend.
Net loans and advances had a slight reduction at Ksh 373.7 billion compared to Ksh 374.2 billion in 2023.
But the amount didn’t slow the bank from growing its total operating income by 12.5pc from Ksh 71.7 billion to Ksh 80.6 billion.
This comprised non-interest income which grew 10.1pc to Ksh 29.1 billion and interest income that rose 13.9pc to Ksh 51.5 billion.
On the other hand, total operating expenses increased by 12.5pc to Ksh 80.6 billion as the bank increased investments in strengthening its digital footprint and increasing its branch network to 211 outlets.
Co-operative Bank Group Managing Director Gideon Muriuki says the lender plans to open 15 branches this year.
The increased branch network in 2024 pushed up staff numbers from 5400 to 5863 at the close of 2024.
This also impacted staff costs that rose from Ksh 16.7 billion to Ksh 18.3 billion.
Despite increasing its branch network, Muriuki says the lender has moved 92pc of customer transactions to alternative delivery channels such as ATMs, mobile & internet banking and over 16,000 network of Co-op kwa Jirani agents.
The lender has proposed to share out Ksh 8.8 billion to shareholders as dividends at the rate of Ksh 1.50 per share.
