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

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.