Kenya’s Co‑operative Bank has officially secured its place among Africa’s 25 largest banks, a landmark achievement marking its growing continental influence. The elevation follows a series of impressive financial milestones, including a record KSh 34.8 billion profit before tax for 2024 and steady double‑digit growth in key metrics.
According to the 2025 edition of Financial Times’ The Banker rankings, Co‑operative Bank is now the third‑highest‑ranked Kenyan lender (behind KCB Group and Equity Group) and 22nd overall in Africa Kenya Times.
This follows a continent‑leading 39.2 % expansion in capital base — the second fastest growth rate among African banks Kenya Times.
While net profit rose 9.8 % to KSh 25.5 billion in 2024, profit before tax jumped 7.5 % to KSh 34.8 billion — a testament to the bank’s robust performance.
Total assets climbed to KSh 743.2 billion, and customer deposits reached KSh 506.1 billion, driven by a 12.5 % increase in operating income and a 13.9 % raft in net interest income.
Dr Gideon Muriuki, Group Managing Director & CEO, traced the bank’s achievements to its “Soaring Eagle” transformation agenda and cooperative governance model.
“The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility, riding on the ‘Soaring Eagle’ Transformation Agenda,” he said .
Muriuki further highlighted the role of digital innovation and community ties:
“Our record‑breaking results reflect the strength of our cooperative banking model, prudent cost management, and aggressive digital adoption,” he added.
Backing Kenya’s agricultural backbone
Just days after the FT ranking was published, Co‑operative Bank announced a KSh 1.2 billion investment in the tea industry via a platinum sponsorship and partnership with KTDA. The initiative aims to provide over 260,000 smallholder tea farmers with instant mobile credit of up to KSh 20,000 Kenya Times.
“Through our comprehensive financial solutions, we continue to empower the more than 260,000 smallholder tea farmers who form the backbone of Kenya’s tea industry,” Muriuki pointed out Kenya Times.
Co‑operative Bank continues to ride a digital boom, with over 92 % of transactions now processed via mobile, internet, ATMs, and agent networks like M‑Co‑op Cash — which disbursed KSh 76.7 billion in 2024 alone.
The bank also maintained cost efficiency, posting a cost‑to‑income ratio of about 47 %, while earning awards for sustainability initiatives.
Looking ahead, Dr Muriuki envisions continued dual growth in digital banking and regional impact:
“Being recognized by the Financial Times is a validation of our long‑term strategy to balance innovation with financial inclusion,” he told African BusinessWorld, underscoring his commitment to digital empowerment and cooperative roots.
As Co‑operative Bank cements its place among Africa’s banking elite, it exemplifies how a cooperative‑founded institution can scale profitably while maintaining its mission: uplifting communities, financing agriculture, and leveraging digital transformation to fuel sustainable growth.
