Co-op Bank Group Reports Profit Before Tax of Ksh22.6 billion

  • An image of Co-operative Bank Headquarters in Nairobi
    An image of Co-operative Bank Headquarters in Nairobi
  • The Cooperative Bank has reported a pre-tax profit of Ksh22.6 billion for the full year 2021. This is a 59 per cent growth from the Ksh14.3 billion recorded over a similar period in 2020. This represents a Ksh16.5 billion after tax profit compared to the Ksh10.8 billion reported in 2020.

    The bank notes that this is its best performance and underscores its strategic focus on sustainable growth and transformation. 

    Financial Position

    The Coop Bank Group registered a sustained growth in total assets which grew to Ksh579.8 billion, a 8 per cent growth from Ksh536.9 billion in the preceding year.

    The net loans and advances grew by 8 per cent to Ksh310.2 billion, from Ksh286.6 billion in the year 2020.

    Investment in government securities grew to Ksh184.1 billion from Ksh161.9 billion in 2020. Customer deposits grew by 8 per cent to Ksh407.7 billion from Ksh378.6 billion in 2020. 

    Borrowed funds from development partners stood at Ksh42.9 billion from Ksh46.0 billion in 2020. Shareholders’ funds grew to Ksh100.2 billion (10 per cent growth) from Ksh90.7 billion in 2020, enabling the firm to continue pitching for big ticket deals.

    (L-R) Co-op Bank’s Head of Digital Experience & Innovation Russel Akuom, Amina Saidi of Co-operatives Banking and Agri-Value Chain Manager Vera Nyaboke prepare for the virtual demo event where winners of the on-going Akili Kali Innovation Challenge will be selected.

    Comprehensive Income

    The total operating income grew by 12 per cent from Ksh53.8 billion to Ksh60.4 billion while total non-interest income grew by 11 per cent  from Ksh17.5 billion to Ksh19.4 billion. 

    Net interest income grew by 13 per cent from Ksh36.3 billion to Ksh41.0 billion while total operating expenses improved by 3 per cent from Ksh39.4 billion to Ksh38.1 billion .

    Increased Market Dominance

    A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve over 9 million account holders across all sectors.

    Through the firm's multi-channel strategy, the bank has successfully moved 94 per cent of all customer transactions to alternative delivery channels, an expanded 24-hour contact centre, mobile banking, 561 ATMs, internet banking and over 26,000 Co-op Kwa Jirani agency banking terminals.

    Key focus on digital banking with the all-telco Mco-op Cash Mobile Wallet have continued to play a pivotal role in the growth of non-funded income with 5.3 million customers registered and loans worth Ksh71.2 billion disbursed to date, averaging Ksh6 billion per month.

    Over 144,000 customers have taken up the MSME packages rolled out in 2018, and 19,963 have been trained on business management skills. To date, the Bank has disbursed Ksh42.5 billion to MSMEs through our E-Credit solution. 

    The bank's unique model of retail banking services through Sacco FOSAs enabled the financial institution provide wholesale financial services to over 464 FOSA outlets.

    The bank notes that Proactive Credit Management remains a key focus area supporting Loan Assets growth. 

    The Credit Risk Adaptation Project dubbed ‘Project Kilele’ supported by a Global consulting firm, is now in the implementation phase.

    The Decentralization of Loan Portfolio Management to the Branches, Lending Units and Relationship Management teams has also been a priority. The successful project, aimed at enhancing collection activities, has advanced to Project Connect & Build (CB).

    The project is aimed at identifying more business opportunities for loan book growth, engaging existing and potential customers with a view to establishing/enhancing their needs and co-create solutions and increasing customers’ product-holding.

    The project also aims at sustaining the best practices learnt under the Decentralization of Loan Portfolio Management and Project Kilele.

    Coop Bank prudentially provided Ksh7.9 billion in loan loss provisions compared to Ksh8.1 billion provided in 2020 indicating improving quality of our asset book as businesses and households continue to recover from the impact of Covid-19 pandemic.

    Clients inside a Cooperative bank branch.
    Clients inside a Cooperative bank branch.


    Co-op Consultancy & Bancassurance Intermediary posted a pre-tax profit of Ksh803.9 million as at 31st December 2021, 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 per cent and GOSS 49 per cent) returned a monetary loss of Ksh421.7 million in FY2021 attributable to hyperinflation accounting due to currency devaluation of the South Sudanese pound. 

    Co-op Trust Investment Services contributed Ksh140.4 million in pre-tax profit in FY2021, with Funds Under Management of Ksh189.2 billion compared to Ksh127.5 billion in December 2020.

    Kingdom Bank Limited (former Jamii Bora Bank) has contributed a profit before tax of Ksh512.4 million in FY2021.

    Long Term Financing: MSME, Sustainable Agriculture & Health sectors

    In 2020, the Group secured a long-term financing facility from the IFC (International Finance Corporation) amounting to Ksh8.25 billion for on-lending at affordable terms to MSMEs involved notably in climate-smart projects, sustainable agricultural practices and clean energy.

    Partnered in the USD300 million IFC-led Africa Medical Equipment Facility and Philips (a leading health technology company) to support Africa’s health sector operators purchase essential medical equipment and strengthen their response to COVID-19 and other medical technology needs. 

    The Group secured a USD10 Million credit line in partnership with Eco-business Fund to finance Sustainable Agriculture.

    Corporate Social investment

    Co-operative Bank Foundation has continued to provide annually over 650 scholarships to gifted but needy students from all regions of Kenya. The sponsorship includes fully paid secondary education, full fees for University education, Internships and career openings for beneficiaries.

    The foundation is fully-funded by the bank and has so far supported 8,842 students since the inception of the program.


    The Group appreciates the recognition and Awards received in 2021, notably the following EMEA Awards (African Banking Awards).

    The Best Bank CEO in Africa Award, awarded to Dr Gideon Muriuki, Group Managing Director & CEO, Co-op Bank with the following citation.

    The Board of Directors’ bold decision to sustain the same level of dividend payments to shareholders despite the Covid-19 crisis offered a most timely relief, especially to the over 15 Million-Member Co-operative Movement, whose livelihoods would have been severely impaired had the dividend been withheld.

    The Bank notably also sustained a relentless focus on Staff Wellness with the unprecedented challenges occasioned by the Covid-19 pandemic; notably it undertook a bank-wide analysis to identify and address manpower inefficiencies spurred by the disruption, with a critical focus on staff redeployment/retention other than redundancies.

    The Best Bank in Kenya Award, and as Best Bank in Financial Inclusion-Africa, with the citation.

    Bank subsidiary Co-optrust Investments Services was named Best Asset Manager in Kenya; now has an Asset Base of over Ksh 189.2 Billion under management.

    Dr. Gideon Muriuki the Group Managing Director & CEO received his 2nd Honorary Doctorate in February 2022 from the Co-operative University of Kenya. 

    Dividend Payment

    The Board of Directors has recommended subject to shareholders approval at the next AGM on 29th May 2022, a dividend payment of Ksh1 per share (Ksh5.9 billion payment).


    The Co-operative Bank Group continues to execute a proactive growth strategy anchored on a strong enterprise risk management framework, and deepening of our market dominance. We shall, riding on the unique synergies in the over 15 million-member co-operative movement that is the largest in Africa, continue to pursue strategic initiatives that focus on resilience and growth in the various sectors of the economy.

    The Co-operative Bank Group (‘Co-op Bank’) is incorporated in Kenya under the Company’s Act and is licensed to carry out the business of banking under the Banking Act. The Bank was listed in year 2008 wherein it is now the largest Co-operative Bank in Africa.

    The Group is one of the largest banking groups in the region and has 5 subsidiaries namely Kingdom Securities Ltd, Co-op Trust Investment Services Limited, Co-operative Consultancy & Bancassurance Intermediary Ltd, Kingdom Bank Limited and Co-operative Bank of South Sudan.

    The Bank also owns a 24.8 per cent stake in CIC Insurance Group and 25 per cent of Co-op Bank Fleet Africa Leasing Limited.

    The Bank’s footprint across Kenya and the region includes; 174 branches in Kenya, 4 in South Sudan, 561 ATMs and over 26,000 Co-op Kwa Jirani agency banking outlets supporting a growing client base now standing at over 9 million account-holders. 

    The Co-operative Bank signed a loan portfolio guarantee agreement with the African Guarantee Fund (AGF) on Tuesday, September 21, 2021