Co-operative Bank Group has announced a robust financial performance for the fiscal year 2024, demonstrating significant growth and strategic advancements across various sectors. The Bank's Profit Before Tax (PBT) reached Kshs. 34.8 billion, marking a 7.5% increase from the Kshs. 32.4 billion reported in FY2023. Profit after Tax (PAT) also saw a substantial rise, climbing to Kshs. 25.5 billion from Kshs. 23.2 billion, a growth of 9.8%.

The impressive results underscore the Group's commitment to sustainable growth, resilience, and agility, driven by the 'Soaring Eagle' Transformation Agenda. This agenda focuses on enhancing shareholder value, as reflected in the Return on Equity of 19.7%. Consequently, the Board of Directors has proposed a dividend of Kshs 1.50 per share, pending regulatory and shareholder approval. The Annual General Meeting (AGM) is scheduled for Friday, 16th May 2025, and will be held virtually.

Financial Position: The Group exhibited strong growth in key financial metrics:

Comprehensive Income: The Group's total operating income grew by 12.5%, from Kshs. 71.7 billion to Kshs. 80.6 billion. This was supported by:

Cost Management: The Group reported substantial efficiency gains, achieving a Cost-to-Income Ratio of 47.2% in FY2024, a significant improvement from 59% in FY2014.

Digital Footprint: The Bank has successfully transitioned over 92% of customer transactions to alternative digital channels, supported by its core banking system. The digital channels include a 24-hour contact center, 617 ATMs & Cash Deposit Machines (CDMs), mobile & internet banking, and a network of over 16,000 Co-op kwa Jirani agents. The Mco-op Cash Mobile wallet disbursed Kshs 76.7 billion in loans in FY2024, averaging Kshs. 6.39 billion per month. Additionally, over 235,617 customers have utilized MSME packages, with 66,100 receiving business management training. Year-to-date, Kshs. 14.2 billion has been disbursed to MSMEs through the Mobile E-Credit solution, with MSMEs now comprising 16.6% of the total Loan Book. The retail banking model supports 619 FOSA outlets, enabling over 15 million Sacco members to access banking services.

Branch Network: The Bank's branch network includes 211 outlets, with 5 located in South Sudan. In the past year, 14 new outlets have been opened across various locations, including Imaara Mall, Ugunja, Luanda, and others. Co-operative Bank of South Sudan expanded its presence with a fifth branch in Wau.

Team Growth: Staff numbers have increased from 4,864 at the close of 2022 to 5,863, creating approximately 999 job opportunities.

• Kingdom Bank Limited: Contributed a PBT of Kshs. 1.07 billion in FY2024.

The Bank is deeply committed to Environmental, Social, and Governance (ESG) principles, integrating these considerations into its operations. Co-op Bank was recognized as the Most Sustainable Bank in Kenya at the 2024 Kenya Bankers’ Sustainable Finance Catalyst Awards. The Bank is actively supporting climate change initiatives led by the Central Bank of Kenya and the Kenya Bankers Association. The Bank has embarked on a Climate Risk Project to formulate an effective Climate Strategy Roadmap and Implementation Plan. In partnership with Water.org, the Bank launched the Co-op-a-Maji Loan to support businesses in the Water, Sanitation & Hygiene (WASH) sector. The Co-op Bank Foundation has supported 11,639 students through scholarships and educational programs.

Co-operative Bank was recognized as Bank of the Year (Kenya) at the 2024 The Banker Awards and was named Winner - Banking Sector at the 2024 CIO Africa Awards.