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HomeWealthCo-Op Bank Reports KSh 5.8 Billion In Profit In Q1 2022

Co-Op Bank Reports KSh 5.8 Billion In Profit In Q1 2022

Co-operative Bank Group reported a KSh 5.84 billion profit at the end of the first quarter of 2022.

At the same time, the profit for the three period ending March 31 increased from KSh 3.46 billion to KSh 5.84 billion at the end of the first quarter of 2022.

Following the impressive profits, the group’s assets increased from KSh 552.9 billion to KSh 597 billion while shareholder funds increased from KSh 93.7 billion to KSh 102.7 billion.

In the other hand, customer deposits increased to KSh 410.8 billion from KSh 393.8 billion.

Net loans and advances increased to KSh 324.5 billion from KSh 298.2 billion while the group’s investment in government securities increased to KSh 183.4 billion from KSh 166.2 billion in 2021.

Co-operative Bank Group’s CEO Gideon Muriuki attributed the impressive financial results to strategic focus on sustainable growth, resilience, and agility.

Muriuki was appointed Managing Director of Co-operative Bank of Kenya in 2001 and has presided over the Bank’s turnaround from a massive loss position of KSh 2.3 Billion in the year 2000, to a profit before tax of KSh 20.7 Billion in 2019.

He joined the Bank in 1996 as a Senior Corporate Manager and then became Director-Corporate and Institutional Banking in 1999 before his appointment as Managing Director in 2001 with a clear mandate to turn round the Bank into profitable trading.

Muriuki holds a Bachelor of Science degree in Mathematics, is a Fellow of the Kenya Institute of Bankers and was awarded an Honorary Doctorate in Business Management in the year 2011.

He has over 30 years in banking and finance and was voted CEO of the year Africa 2014 by the International Banker.