Tuesday, June 18, 2024
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Co-operative Bank To Expand Market In 5-Year Plan

Co-operative Bank has launched a five-year strategic plan that will see it expand its footing and market size in Kenya.

This is one of its latest strategic business development plans that have seen the bank regain its top position as one of Kenya’s most formidable and profitable banks.

Chief executive officer Dr. Gideon Muriuki said at the company’s annual general meeting, “We realized we are strong here and even as we are looking at opportunities in other countries within the region, we appreciated that (adding more branches in various parts of Kenya is of greater priority). We have done very well in terms of being able to deepen ourselves in market segments that we are already in.”

During the bank’s Annual General Meeting that was held virtually, saw the shareholders ratify its acquisition of the Jamii Bora Bank and the payment of Sh. 5.9 billion dividends.

The bank noted, “The payment represented a timely injection of liquidity to shareholders and notably the 15 million-member Co-operative Movement to mitigate the economic ravages of the pandemic.”

Ksh. 3.79 billion was paid to the Co-op Holdings Co-operative Society, a strategic shareholder with a 64.5% stake.

During the address, Dr. Muriuki pointed out that Co-op Bank’s recent acquisition of Jamii Bora Bank was part of the ongoing local expansion, adding that the new subsidiary is expected to return to profitability from the coming year.

Co-op Bank recorded improved performance during the year 2019, that saw the bank report a profit before tax of KSh 20.7 billion.

The Ksh. 20.7 billion, represented a 14 percent increase from the Sh. 18.2 billion that was posted during the 2018 financial year, and against a backdrop of a challenging operating environment.

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