The Co-operative Bank of Kenya virtually held its 14th Annual General Meeting. This is the third time the meeting has been held virtually following amendments to the law governing annual general meetings, following the Covid-19 epidemic.
The overwhelmingly successful meeting was attended by over 16,000 shareholders from across the globe. During the session, shareholders welcomed the dividend payment scheduled to hit their accounts on 17Th June 2022.
The shareholders were appreciative of the Board of Directors’ divided policy that balances the need for additional capital and shareholders’ immediate interest in earnings.
Good Numbers: The Group Managing Director & CEO Dr. Gideon Muriuki together with Bank Chairman Mr. John Murugu and the Vice-Chairman Mr. Macloud Malonza go through Co-op Bank’s Annual Report during the bank’s 14th Annual General Meeting held virtually today.
They particularly commended the Group Board for the kes 100billion retained earnings the bank has accumulated for future growth through this policy.
Speaking at the meeting the Group Managing Director, Dr. Gideon Muriuki pointed out to the shareholders that the bank was confident of a good performance in the 2022 full year, estimating that the bank will surpass the over 22Billion profit registered in 2021, “ already in the first quarter of 2022 the bank has registered a profit before tax of kes 7.8Billion which is an indication of better days ahead.”
in the first three months of the year 2022, Co-op Bank Group reported a Profit Before Tax of 7.78 billion shillings, a commendable 56 percent growth compared to 4.98 Billion shillings recorded in the first quarter of 2021.
This represents a strong Profit after Tax of 5.8 billion shillings compared to 3.5 billion reported in 2021. The performance delivers a competitive Return on Equity of 23.8 percent to our shareholders.
The meeting was chaired by the Bank Chairman Mr. John Murugu and was also attended by the Vice-Chairman Mr. Macloud Malonza among other board members who attend virtually.
