The Co-operative Bank of Kenya’s outlets in Kenya have risen to 204 as of November 2024.
Similarly, the bank’s physical outlets in South Sudan have grown to five.
“We have planned 15 additional outlets this year, with 8 already opened at these locations; Imaara Mall-Mombasa Road-Nairobi, Ugunja in Siaya, Luanda, Isibania, Maai Mahiu, Dagoretti Market, Marimanti and Ruiru Nord Mall,” the banked said when it released its Q3 of 2024 results.
At the same time, the lender’s subsidiary, Kingdom Bank, opened its 22nd branch in Meru County, being the third branch opened this year.
Co-operative Bank of South Sudan opened its fifth branch in Wau, supporting business growth and financial inclusion in South Sudan.
“The Bank continues to invest in a competitive team set to serve at existing functions at the same time tap new growth opportunities across all areas of the business.
“Staff Numbers have grown from 4,864 as at the close of 2022 to 5,617, creating job opportunities for over 753 young people,” the bank stated.
Co-op Bancassurance Intermediary Ltd posted a Profit Before Tax of Kshs 824.3 Million in Q32024, riding on strong penetration of Bancassurance business.
Co-operative Bank of South Sudan that is a unique joint venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) made a Profit Before Tax of Kshs 434.7 Million in Q32024.
“This performance however translated to a profit of Kshs. 33.8 Million attributable to hyperinflation accounting occasioned by currency devaluation of the South Sudan Pound,” the bank stated.
Co-op Trust Investment Services Ltd contributed Kshs. 254.9 Million Profit Before Tax in Q32024 compared to Kshs. 154.5 Million in Q32023, a commendable 65% growth. The Subsidiary has Funds Under Management currently at 299.6 Billion.
Kingdom Bank Limited (A niche MSME Bank) contributed a Profit Before Tax of 929.2 Million in Q32024, a remarkable growth of 18.1% from Kshs. 786.6 Million reported in Q32023.
