In 2024, Co-operative Bank subsidiaries delivered impressive financial results. The bank released these figures this month.
They show profit-before-tax gains across its four main subsidiaries. This success highlights the group’s strength and growth.
Kingdom Bank Limited serves micro, small, and medium businesses. It earned a profit before tax of Sh1.07 billion in 2024. This result reflects its key role in supporting this sector.
Co-op Bancassurance Intermediary Ltd stood out as the top earner. It posted a profit before tax of Sh1.2 billion. The bank’s insurance business drove this growth. In 2023, it had earned Sh877.1 million. That’s a clear jump in just one year.
Co-op Trust Investment Services Ltd also performed well. It reported a profit before tax of Sh386.4 million in 2024. This marks a 71% rise from Sh226 million in 2023.
Its funds under management grew too. They reached Sh381 billion, up from Sh218.4 billion last year.
The Co-operative Bank of South Sudan made Sh453.8 million in profit before tax. But currency adjustments reduced this to Sh11.1 million.
The South Sudanese Pound lost value. This subsidiary is a joint effort. Co-operative Bank owns 51%, while South Sudan’s government holds 49%.
Overall Bank Success and Dividends
The subsidiaries’ strong results lifted the whole bank. Co-operative Bank’s net profit hit Sh25.5 billion in 2024.
That’s up 9.8% from Sh23.2 billion in 2023. Shareholders’ funds grew too. They climbed 28% to Sh145.4 billion from Sh113.6 billion. Retained earnings added Sh16.7 billion to this increase.
The bank will pay a dividend of Sh1.50 per share. It also offers a Sh9 million loan for businesses. This loan has a 120-month repayment plan. These moves show its focus on growth and support.
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