Home » Gideon Muriuki earns $1.10 million in 33 days from two-percent stake in Co-operative Bank of Kenya

Gideon Muriuki earns $1.10 million in 33 days from two-percent stake in Co-operative Bank of Kenya

by Editorial Team

The shareholding of Kenyan banker Gideon Muriuki in Co-operative Bank of Kenya has gained Ksh117.47 million ($1.09 million) since June 22 following a rise in the commercial bank’s shares in the past 33 days.

Co-operative Bank of Kenya’s stock on the Nairobi Stock Exchange (NSE) started the year with a share price of Ksh12.50 ($0.1154). The bank has since gained five-percent on that price, ranking it 25th on the Kenyan bourse in terms of year-to-date performance.

As of the close of the NSE yesterday, July 23, shares in the bank were worth Ksh13.10 ($0.1211), giving the bank a market valuation of Ksh76.90 billion ($709.86 million).

The bank’s shares have increased from a share price of Ksh12.10 ($0.1118) per share on June 21 to Ksh13.10 ($0.1211) per share as of press time, 3:30 PM (UTC), July 24. It has accrued a total gain of 8.3 percent for shareholders in 33 days.

Muriuki, the CEO of Co-operative Bank of Kenya, holds a two-percent stake in the bank, which amounts to 117,471,300 ordinary shares.

Research conducted by Billionaires.Africa revealed that the market value of his stake has increased from Ksh1.42 billion ($13.13 million) to Ksh1.54 billion ($14.22 million) between June 21 and July 24.

His stake in Co-operative Bank of Kenya has increased by Ksh117.47 million ($1.09 million) in 33 days.

Muriuki earned Ksh260.3 million ($2.40 million) in bonuses last year, the largest in the banking industry, under Co-operative Bank of Kenya’s performance-based reward system for staff.

The financial institution rewarded the banker for playing a pivotal role in protecting shareholder returns while navigating the bank through the COVID-19 pandemic. 

Co-operative Bank of Kenya stood out among peers this year after it maintained its tradition of paying dividends to shareholders.

The Kenya-based financial services group reported profits before tax of Ksh14.3 billion ($132.00 million) at the end of its 2020 financial year. This represents a 23-percent decline compared with its 2019 figure of Ksh20.7 billion ($191.08 million).

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