The Co-operative Bank’s expansion strategy created over 520 jobs in the year ended December 2022. This has been revealed by the bank’s annual report.
The report suggests that Co-op Bank’s branch expansion strategy saw the establishment of six new branches in the 2022 financial period to take its total number of physical branches to 184.
These increased the number of employees to 4,766. Out of these employees, 720 workers were classified as being in management.
3,224 employees were classified as being in supervisory and unionisable positions, while 822 workers were classified as being in other roles.
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In Kenya, Co-op Bank added 262 new jobs. This increased the total tally of the bank’s workforce to 4,299. The remainder of the 268 employees were spread across the bank’s other local subsidiaries and its South Sudan unit.
In that year, the bank recorded a full-year net profit of Sh. 22 billion. This net profit was derived from a pretax profit of Sh. 29.4 billion.
“This strong performance by the bank is in line with the Group’s strategic focus on sustainable growth, resilience and agility,” said Co-op Bank chief executive Gideon Muriuki.
The bank’s operating income grew by 17.9 per cent from Sh in the financial year under review. 60.4 billion to Sh. 71.3 billion.
Total non-interest income rose by 32.7 per cent from Sh. 19.4 billion to Sh. 25.7 billion. Net interest increased at a slower rate at 10.9 per cent from Sh. 41 billion to Sh. 71.3 billion.
Total assets in the financial year grew to Sh. 607.2 billion from Sh. 579.8 billion the previous year to represent a growth percentage of 4.7 per cent. At the same time, customer deposits grew to Sh. 423.8 billion from 407.7 billion. This was a growth of 3.9 per cent.
“The strong performance has led to a sustained increase in shareholder value as reflected in the competitive return on equity of 21.2 per cent,” said Dr. Muriuki.
