Home » Kenyan multimillionaire Gideon Muriuki’s Co-operative Bank Group reports $103.54 million in earnings

Kenyan multimillionaire Gideon Muriuki’s Co-operative Bank Group reports $103.54 million in earnings

by Omokolade Ajayi

Nairobi-based financial services group Co-operative Bank Group has posted Ksh11.63 billion ($103.54 million) in profit between Jan. 1 and Sept. 30, as earnings surged above pre-pandemic levels, specifically 2019.

Figures contained in the group’s Q3 filing revealed that profits for the nine-month period ending on Sept. 30 rose by nearly 19 percent from N9.77 billion ($87.05 million) in 2020 to Ksh11.63 billion ($103.54 million) in 2021.

Co-op Bank Group is one of the largest financial institutions in East Africa. It operates subsidiaries such as Kingdom Securities Limited, Co-optrust Investment Services Limited, Co-operative Consultancy & Insurance Agency Limited, Kingdom Bank Limited and Co-operative Bank of South Sudan under the leadership of Group CEO Gideon Muriuki.

Its operational footprint in Kenya and across the region includes 173 branches in Kenya, four in South Sudan, 589 ATMs and more than 25,000 Co-op Kwa Jirani agency banking outlets supporting a growing client base now standing at over 9 million account holders.

The double-digit growth in its earnings in the period under review was driven by a 22-percent surge in total interest income as a result of increased earning assets and a 16-percent rise in non-interest income due to higher transaction volumes.

As a result of the performance, the group registered strong growth in its balance sheet, as total assets grew by Ksh82 billion ($730.22 million,) or 16 percent, to Ksh592.9 billion ($5.28 billion), compared to Ksh510.9 billion ($4.55 billion) in the same period last year.

The funds of the group’s shareholders grew to Ksh95 billion ($846 million) from Kshs82 billion ($730.22 million) in 2020.

As of the time of the drafting of this report, Co-op Bank shares were trading at Ksh12.45 ($0.11087) per share, unchanged from their opening price yesterday, Nov. 18.

At this price valuation, the market value of Muriuki’s stake in the Nairobi-based financial services group is assessed at Ksh1.28 billion ($11.37 million).

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