The Co-operative Bank’s expansion has created over 520 jobs as of December 2022 according to the bank’s report.The report stated that the bank’s expansion led to the establishment of six new branches in 2022. There are currently 184 physical branches of the bank.
The creation of the six branches led to an increase in the total number of employees to 4,766. Of the total number, 722 occupy the management positions.
The supervisory and union sable positions have 3,224 employees while 822 employees fall under the category of other roles.
A net profit of Ksh22 billion was made in 2022 which was attained from a pretax profit of Ksh29.4 billion.
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“This strong performance by the bank is in line with the group’s strategic focus on sustainable growth, resilience and agility,” said Co-operative Bank chief executive Gideon Muriuki.
In addition, the bank recorded a 17.9 percent growth in its operating income which was Ksh71.3 billion up from Ksh60.4 billion in the financial year.
The total non-interest income also recorded a 32.7 percent rise at Ksh25.7 billion up from Ksh19.4 billion. Net interest increased at a slower rate at 10.9 percent from Ksh41 billion to Ksh71.3 billion.
Customer deposits witnessed a growth from Ksh407.7 billion in the previous year to Ksh423.8 billion in 2022. This was a 39 percent growth. The bank also witnessed a 4.7 percent growth in its total assets from Ksh579.8 billion to Ksh607.2 billion.
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“The strong performance has led to a sustained increase in shareholder value as reflected in the competitive return on equity of 21.2 percent,” said Dr. Muriuki.
