The Co-operative Bank of Kenya has achieved a pre-tax profit of Ksh11.37 billion in the first quarter ending March 31, 2026, marking an 18.1 percent increase from the Ksh9.63 billion recorded during the same period in 2025.
After-tax profits rose by 21.3 percent to Ksh8.41 billion, up from Ksh6.93 billion in Q1 2025, representing what the bank termed its “best-ever quarterly performance”.
In a Wednesday, May 13 statement, the bank credited the robust results to progress under its 2025-2029 “Good to Great” strategy and the “Soaring Eagle” Transformation Initiative.
During this period, the Group’s total assets expanded by 14.3 percent to Ksh884.6 billion, up from Ksh774.1 billion in Q1 2025, while customer deposits increased 16.6 percent to Ksh612.2 billion.
The bank reported that net loans and advances grew 13.6 percent to Ksh436.8 billion, and government securities holdings expanded by 12.7 percent to Ksh272.9 billion, “enhancing both liquidity and revenue diversification”.
Net interest income rose by 12.2 percent to Ksh15.98 billion, and operating income increased 13.6 percent to Ksh24.05 billion, driven by growth in both interest-based and non-funded income.
Operating expenses increased at a more moderate rate of 8.4 percent, with the pre-provision cost-to-income ratio declining to 44.3 percent. Return on average equity reached 20.4 percent, while shareholders’ funds grew 11.5 percent to Ksh173.8 billion, bolstered by retained earnings.
According to the statement, Co-op Bank’s subsidiaries demonstrated strong performance across all segments. Kingdom Bank recorded a pre-tax profit of Ksh446.2 million, nearly doubling from Ksh224.7 million in the previous year, representing a 98.6 percent increase fueled by expansion in its retail and commercial banking divisions.
Co-op Bancassurance Intermediary Ltd’s profits increased 39.5 percent to Ksh560.4 million due to enhanced insurance penetration among its customer base.
Co-optrust Investment Services, the Group’s asset management subsidiary, more than doubled its pre-tax profit to Ksh335.2 million from Ksh161.5 million, with Funds Under Management reaching Ksh489 billion.
Kingdom Securities reported a 38 percent increase in pre-tax profit to Ksh57.7 million, supported by heightened activity in capital markets.
Co-op Bank of South Sudan returned to profitability, posting a pre-tax profit of Ksh99 million compared to a Ksh47 million loss in Q1 2025, “signifying improved operational performance amid challenging market conditions”.
The Group further expanded its digital presence, with over 90 percent of all customer transactions conducted through alternative delivery channels.
Its distribution network now comprises 222 branches in Kenya and South Sudan, 615 ATMs and Cash Deposit Machines, and more than 16,200 Co-op Kwa Jirani agents, supported by 619 SACCO service points.
The bank was recently included among Africa’s Fastest Growing Companies 2026 by the Financial Times of London and recognized as Best Bank in Kenya 2026 by Global Finance.
Co-op Bank’s customer base has reached over 9.8 million account holders, reflecting what Group Managing Director and Chief Executive Officer Dr Gideon Muriuki described as “the distinctive benefits of being part of Africa’s largest co-operative movement,” which includes 15 million members.