Home » Kenyan mogul Gideon Muriuki’s Co-operative Bank Group records over $103.5 million in profit in Q1 2022

Kenyan mogul Gideon Muriuki’s Co-operative Bank Group records over $103.5 million in profit in Q1 2022

by Omokolade Ajayi
Gideon Muriuki

Despite the difficulties in its operating environment, Co-operative Bank Group, a Nairobi-based financial services group led by Kenyan multimillionaire Gideon Muriuki, reported a profit of Ksh5.84 billion ($103.54 million) at the end of the first quarter of 2022.

Profit for the three-month period ending March 31 increased by nearly 65.5 percent, from Ksh3.46 billion ($87.05 million) in the first quarter of 2021 to Ksh5.84 billion ($103.54 million) at the end of the first quarter of 2022, according to figures contained in the group’s Q1 filing, driven by lower loan-loss provisions and the group’s growth strategy.

Muriuki, Co-operative Bank Group’s CEO, commented on the group’s Q1 financial performance, stating: “The bank’s strong performance is in line with the group’s strategic focus on sustainable growth, resilience, and agility.”

According to Muriuki, credit management was a core area of focus during the period and, as such, the bank implemented a credit risk adaptation project supported by a global consulting firm.

The group’s assets increased to Ksh597 billion ($5.11 billion) from Ksh552.9 billion ($4.73 billion) in the same period last year, while shareholder funds increased by 10 percent to Ksh102.7 billion ($879.9 million) in 2021 from Ksh93.7 billion ($802.75 million).

Customer deposits increased to Ksh410.8 billion ($3.52 billion), up from Ksh393.8 billion ($3.37 billion), while net loans and advances increased to Ksh324.5 billion ($2.78 billion), a nine-percent increase from Ksh298.2 billion ($2.55 billion) in the same period last year.

The group’s investment in government securities increased to Ksh183.4 billion ($1.57 billion) during the period under review, up from Ksh166.2 billion ($1.42 billion) in 2021, as lenders continued to benefit from high returns from its operating segments.

Co-Op Bank Group is one of East Africa’s largest financial institutions. Kingdom Securities Limited, Co-optrust Investment Services Limited, Co-operative Consultancy & Insurance Agency Limited, Kingdom Bank Limited, and Co-operative Bank of South Sudan are among its subsidiaries.

Muriuki owns a two-percent stake in the leading financial services group, totaling 102,528,400 shares.

As of press time on May 29, shares in Co-Op Bank Group were trading at Ksh11.95 ($0.1023), up 4.37 percent from their opening price on the Nairobi Securities Exchange on May 27, giving the company a market capitalization of Ksh70.1 billion ($600.5 million).

You may also like

logo

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

Newsletter

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.