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Home World Business

Co-op Bank Group and Absa Bank Customer Deposits Spike

Kenyan Business Feed by Kenyan Business Feed
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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.


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