• About
  • Advertise
  • Privacy & Policy
  • Contact
Kenyan Business Feed
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
Kenyan Business Feed
No Result
View All Result
Home World Business

Co-op Bank Group and Absa Bank Customer Deposits Spike

Kenyan Business Feed by Kenyan Business Feed
Share on FacebookShare on Twitter

The banking sector in Kenya continues to show resilience, with major players like Co-op Bank Group and Absa Bank reporting impressive profit growth.

Co-op Bank Group, Co-op Bank
Co-op Bank Group and Absa Bank have reported a significant surge in customer deposits, reflecting strong investor confidence and financial growth. Learn more about the latest banking trends and what this means for the sector.

Co-op Bank Group net earnings rose by 9.8% to Sh25.5 billion in 2024, driven by increased customer deposits.

Deposits jumped 12.1% to Sh506.1 billion, largely due to higher interest rates on savings by Saccos.

Gross earnings grew 7.5% to Sh34.8 billion from Sh32.4 billion in 2023. Shareholders are set to receive a dividend payout of Sh1.50 per share.

Absa Bank recorded a remarkable 28% increase in net earnings, reaching Sh20.9 billion. Customer deposits hit Sh367 billion, boosting total assets beyond the half-a-trillion mark.

Revenue grew 14% to Sh62.3 billion, with strong contributions from both funded and non-funded income. Return on equity (ROE) improved to 24.5%, indicating strong profitability.

The board has recommended a dividend payout of Sh1.75 per share, a 13% increase from the previous year.

Higher interest on savings played a crucial role in attracting more deposits, particularly from Sacco members who sought better returns.

Co-op Bank’s strategic retail banking model, which allows access to financial services even in remote areas, further strengthened its position.

Despite a slight decline in lending due to macroeconomic factors, both banks effectively optimized their capital allocation to maintain profitability.

For investors and shareholders, these results signal a strong financial position, making both banks attractive for long-term investment.

The increased dividends reflect confidence in sustained profitability, while the sector’s overall growth highlights Kenya’s expanding financial landscape.

Looking at the bigger picture, the banking industry in 2024 is witnessing rapid digital transformation, increased regulatory compliance, and growing competition from fintech innovations.

Co-op Bank Group and Absa actively adapt to these trends, ensuring continued financial stability and growth.

With robust financial results and a commitment to rewarding shareholders, both banks remain key players in Kenya’s economic development. Investors can expect further opportunities as the banking sector continues to evolve.


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]
Tags: Co-op BankCo-op Bank Group
Kenyan Business Feed

Kenyan Business Feed

Recommended.

Vivo and Jumia enter  into partnership

Vivo and Jumia enter into partnership

July 30, 2019
KNBS Makes Important Announcement On 2019  Census

KNBS Makes Important Announcement On 2019 Census

July 8, 2019

Subscribe.

Trending.

Safaricom warns customers against fake M-Pesa investment schemes circulating online, urging Kenyans to verify all offers through official channels.

Safaricom Warns Customers Against Fake M-Pesa Investment Schemes Circulating on Social Media

September 21, 2025
Tourism CS Rebecca Miano joins Samburu leaders at the Maralal Camel Derby, which draws 30,000 visitors and boosts cultural tourism in northern Kenya.

Maralal Camel Derby Draws 30,000 Visitors as Festival Anchors Samburu on Global Tourism Map

September 28, 2025
Co-operative Bank of Kenya recognized at Global SME Finance Forum 2025 for innovative business banking solutions supporting SMEs across Africa.

Co-op Bank Honored at Global SME Finance Forum 2025 for Advancing SME Finance and Innovation

September 22, 2025
Safaricom Chapa Dimba All-Stars closed their Spain tour with a 4-2 win over SD Huesca, showcasing Kenyan youth football talent on an international stage.

Safaricom Chapa Dimba All-Stars Seal Spain Tour With 4-2 Victory Over SD Huesca

September 21, 2025
Nairobi hosts the first PUBG Mobile Africa Cup Finals, with Safaricom Hook providing 5G power, fan zones, and interactive gaming experiences.

East Africa Crowns First PUBG Mobile Africa Cup Champion as Safaricom Hook Powers Historic Finals

September 21, 2025
Kenyan Business Feed

We focus on news, analysis, and reports about Kenyan business, covering sectors like agriculture, finance, tourism, and technology.

Categories

  • African
  • Agribusiness
  • Courts
  • Education
  • Health
  • Hospitality
  • Manufacturing
  • NetWorths
  • News
  • Reports & Analysis
  • World Business

Popular News

  • First look at the prison where El Chapo may live for the rest of his life

    First look at the prison where El Chapo may live for the rest of his life

    2157 shares
    Share 1040 Tweet 466
  • Sameer Africa CEO Sacked

    1804 shares
    Share 750 Tweet 439

Recent News

Tourism CS Rebecca Miano joins Samburu leaders at the Maralal Camel Derby, which draws 30,000 visitors and boosts cultural tourism in northern Kenya.

Maralal Camel Derby Draws 30,000 Visitors as Festival Anchors Samburu on Global Tourism Map

September 28, 2025
Kenyans to enjoy free entry to all national parks on World Tourism Day as government promotes conservation and domestic tourism.

Free Entry to National Parks Announced for World Tourism Day as Sector Pushes Sustainability Agenda

September 28, 2025
  • Home
  • African
  • News
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF

No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF