Home » Kenyan banker Gideon Muriuki’s Co-op Bank records nearly $170 million in profit in 2022

Kenyan banker Gideon Muriuki’s Co-op Bank records nearly $170 million in profit in 2022

by Feyisayo Ajayi
Gideon Muriuki

Co-operative Bank Group (Co-op Bank), a Nairobi-based financial services group led by Kenyan banking magnate Gideon Muriuki, achieved a remarkable financial performance at the end of the 2022 fiscal year.

The group’s profits surged past $160 million during the period under review, underscoring its strong financial position and sound business strategy.

According to its recently published financial results, the Nairobi-based financial services group has reported an impressive financial performance, with its profits soaring by more than 33 percent from Ksh16.5 billion ($126.8 million) in 2021 to Ksh22 billion ($169.1 million).

The surge in the group’s profit to record levels at the end of its 2022 fiscal year can be linked to strong growth in both its interest and non-interest income streams, despite the challenges posed by the operating environment.

In the period under review, the group’s non-interest income surged by 32.7 percent from Ksh19.4 billion ($149.1 million) to Ksh25.7 billion ($197.5 million), while its net interest income increased by 10.9 percent from Ksh41 billion ($315.1 million) to Ksh71.3 billion ($548.1 million). 

Gideon Muriuki, CEO of Co-op Bank, commented on the group’s exceptional financial performance, citing the robust income figures as evidence of the group’s exceptional performance and resilience in navigating a complex economic landscape. He noted that the bank’s impressive results are not only sustainable but also indicative of its commitment to delivering value to its shareholders.

Gideon Muriuki to pocket $1.18 million in dividend from stake in Co-op Bank

As a result of the bank’s strong financial performance, the group has recommended a dividend of Ksh1.50 ($0.0115) per share, marking a 50 percent increase from the Ksh1 ($0.0077) paid out the previous year.

This increase is a major boost to co-operative societies, the bank’s majority shareholders, and underscores the group’s commitment to rewarding its investors and delivering long-term value to its stakeholders.

Muriuki, who holds a two-percent stake in the leading financial services group, is expected to receive a substantial dividend payout of Ksh153.4 million ($1.18 million), based on his total holding of 102,528,400 shares. 

You may also like


The world’s premier source of news on Africa’s billionaires and UHNWIs.


Get the daily email to stay informed about African billionaires and UHNWIs. Get informed and entertained, for free.

Latest News

@2024 – Billionaires.Africa. All Rights Reserved.