Co-op Bank leads the market with Ksh32.4 Billion Profit for Year 2023

Co-op Bank is pleased to report a Profit Before Tax of Kshs32.4B on for Full Year 2023, a commendable 10% growth compared to Kshs29.4B recorded in Full Year 2022.

This represents a Profit after Tax of Kshs23.2B compared to Kshs22.0B reported in 2022. The strong performance by is in line with the Group’s strategic focus on sustainable growth, resilience, and agility.


The strong performance has led to a sustained increase in shareholder value as reflected in the competitive Return on Equity of 21.0%. The Board of Directors has recommended a dividend payment of Kshs8.8B, being a payout of Kshs1.50 per share, subject to approval by the regulators and shareholders.

The Annual General Meeting (virtual) will be held on Friday, 17th May 2024.

Key Performance highlights

Financial Position

The Group has registered strong growth as follows:

  • Total Assets grew to Kshs671.1 Billion, a 10.5% growth from Kshs607.2B in the same period last year.
  • Net loans and advances grew to Kshs374.2B ion, a 10.3% growth from Kshs.339.4 Bill ion in 2022.
  • Customer deposits grew to Kshs451.6 Billion, a 6.6% increase from Kshs423.8B.
  • External funds from development partners stands at Kshs67.3B from Kshs.48.1B in 2022.
  • Shareholders’ funds have grown to Kshs113.6B, a 5.5% increase from Kshs107.7 Billion in 2022.

Comprehensive Income

  • Total operating income grew by 0.6% from Kshs71.3B to Kshs71.7B.
  • Total non- interest income grew by 2.8% from Kshs25.7B to Kshs26.5B.
  • Net interest income remained stable to stand at Kshs45.2B compared to Kshs45.5B in 2022.
  • Total operating expenses decreased by 6.1% from Kshs42.2 Billion to Kshs39.7B, with a critical focus on Cost Management.

Cost Management

The Group reports excellent efficiency gains from the various initiatives to record a Cost-to-Income Ratio of 47. 0% in FY2023 from 59% in FY2014 when we began our Growth & Efficiency journey.

A Strong Digital Footprint

New Core Banking System goes Live

The Bank in June 2023 successfully upgraded the core banking system to the latest version of Finacle from Infosys, one of the best-rated platforms globally, marking a critical milestone in the bank’s digitization journey to enhance service excellence and provide the most innovative and advanced banking solutions.

In addition, the Co-operative Bank of South Sudan successfully went Live on the new Finacle system on 17th March 2024, concluding the full migration of the Group to the new system thereby enabling the Group’s digital synergy.

Through our digital channel strategy, the Bank has successfully moved over 91% of all customer transactions to alternative delivery channels, a 24-hour contact center, 599 ATMs & Cash Deposit Machines (CDMs), mobile & internet banking and over 17,000 network of Co-op kwa Jirani agents.

Our Omni-channel platform continues to offer users accessibility and enhanced experience.

The platform interfaces online banking through personal computers, mobile phones and USSD availing our services to all customers through their preferred channel yet retain the same experience from wherever they are.

Meo-op Cash Mobile wallet continues to drive substantial non-funded income streams with 5 Million customers registered and Kshs75.B in loans disbursed in 2023, averaging Kshs6.3B per month.

Over 208,000 customers have taken up the MSME packages we rolled out in 2018, and 58,850 have been trained on business management skills. In 2023, we disbursed Kshs18.6B to MSMEs through our Mobile E-Credit solution. MSMEs make up 15.8% of our total Loan Book.

Our unique model of retail banking services avails access to cash for FOSA operations, enabling 484 FOSA outlets to support over 15M Sacco members access banking services even in rural/ remote areas.

Wide and Expanding Branch Network

The Branch network has expanded to a total of 194 outlets (4 in South Sudan). We have planned 15 additional outlets this year, with 2 at lmaara Mall on Mombasa Road, Nairobi and Ugunja in Siaya already opened.

Eight new branches namely Nakuru Bahati Road, Kimana – Kajiado, Matuu, Thika Kwame Nkrumah, Greenwood Mall – Meru, Kenol – Makuyu, Hindi – Lamu and Bamburi – Mombasa were opened in 2023.

A Growing Team

The Bank continues to invest in a competitive team set to serve at existing functions at the same time tap new growth opportunities across all areas of the business.

Staff Numbers have grown from 4,864 as at the close of 2022 to 5,400 as at year 2023 close, creating job opportunities for over 530 young people.


Co-op Consultancy & Bancassurance Intermediary Ltd posted a Profit Before Tax of Kshs877.1 Million in FY2023, riding on strong penetration of Bancassurance business.

Co-operative Bank of South Sudan that is a unique joint venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) made a Profit Before Tax of Kshs291.3M in FY2023 compared to Kshs132.7M in 2022, a 119.5% growth

Co-op Trust Investment Services Ltd contributed Kshs226.0M Profit Before Tax in FY2023, an 8.6% growth. The Subsidiary has Funds Under Management of Kshs218.4B.

Kingdom Bank Limited (A niche MSME Bank) contributed a Profit Before Tax of Kshs1.08B in FY2023, a remarkable growth of 36.4% from Kshs792.6M reported in FY2022.

Commitment to Sustainability

In 2022, the Bank embarked on an enhanced Environmental, Social and Governance (ESG) roadmap to integrate ESG considerations into its operations with several key milestones achieved.

The Bank’s commitment to ESG excellence was celebrated at the 2023 Kenya Bankers’ Sustainable Finance Catalyst Awards, with the bank emerging as the Overall Award Winner.

Co-op Bank Foundation, the Group’s social investment vehicle, continues to provide Scholarships to gifted but needy students from all regions of Kenya.

The foundation is fully funded by the bank and has supported 10,264 students since the inception of the program.


The Bank was named the Overall Winner of the just concluded Banking Industry Customer Satisfaction Survey conducted by the Kenya Bankers’ Association (KBA). Co-op Bank was also named the winner in the Tier One Bank Category.

This is the second consecutive win, having also won the overall title for year 2022. The survey was conducted by interviewing over 30,000 banking customers across the country.

Other key awards in year 2023;

At the CIO 100 Awards, the Bank’s Chief Information Officer Charles Washika was named the C/O of the Year in Africa, Banking Sector Award.

At the IFC Global SME Awards held in Mumbai India, the Bank won the SME Financier of The Year in Africa – Gold Award.


The Co-operative Bank Group continues to pursue strategic initiatives that focus on resilience and growth in the various economic sectors.

This is anchored on a successful universal banking model supported by an innovative digital presence, a wide physical footprint, and the unique synergies in the over 15-million-member co-operative movement that is the largest in Africa.

About this writer:

Kibaki Muthamia

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