The Co-operative Bank has announced a 2024 full year net profit of Sh25.5 billion. This full year profit after tax represented a growth of 9.8 percent from the Sh23.2 billion net profit that the bank posted in the same period the previous year.
During the 2024 year financial under review, Co-op Bank’s total assets increased by 10.7 percent to stand at Sh743.2 billion from the Sh671.1 billion that was recorded in the same period the previous year.
Total interest income stood at Sh86.2 billion from Sh69 billion that was recorded in the same period the previous year. At the same time, net interest income increased by 13.9 percent to Sh51.5 billion from Sh45.2 billion.
The bank realized a total interest from government securities of Sh26.8 billion from the previous period’s Sh23.1 billion while customer deposits grew to Sh506.1 billion.
During the year under review, customer deposits closed at Sh506.1 billion up from the previous year’s Sh451.6 billion. Loans and advances to customers came in at Sh373.7 billion from the previous season’s Sh374.2 billion.
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Gross non-performing loans stood at Sh71 billion up from Sh66.9 billion. This represented an increase of 6.2 percent. Net non performing loans were at Sh25.6 billion from the Sh28.67 billion that was recorded in the previous year.
During the year, external funds from development partners were Sh55.4 billion compared to Sh67.3 billion in 2023. Shareholders’ funds grew to Sh145.4 billion, a 28 percent increase from Sh113.6 billion in 2023 driven by the strong growth in retained earnings of Sh16.7 billion.
The MCo-op Cash Mobile wallet closed the financial year with Sh76.7 billion in loans disbursed, which averaged Sh6.39 billion per month. At the same time, the bank announced that it had disbursed Sh14.2 billion to micro small and medium enterprises (MSMEs) through the Mobile E-Credit solution. MSMEs made up 16.6 percent of the bank’s total loan book.
The bank’s subsidiaries also reported significant growth, with Co-op Bancassurance Intermediary Ltd posting a pretax profit of Sh1.2 billion in the year under review.
On the other hand, Co-operative Bank of South Sudan that is a unique joint venture (JV) partnership with Government of South Sudan made a pretax profit of Sh453.8 million. This performance was however restated to reflect the changes in general purchasing power of the South Sudanese Pound resulting in a profit of Sh11.1 million.
Co-op Trust Investment Services Ltd contributed Sh386.4 million profit before tax compared to Sh226 million in in the previous year while Kingdom Bank Limited contributed a pretax profit of Sh1.07 billion.
Following the results, the bank announced that it will pay out a total dividend of Sh1.50 per share for the full year 2024.
