Co-operative Bank of Kenya on Friday contributed Sh150 million ways far from what Equity and Kenya commercial bank contributed in drought donation funds.
The bank CEO Gideon Muriuki handed the cheque to President William Ruto at State house Nairobi and was accompanied by his deputy Rigathi Gachagua.
The National Steering Committee on Drought Response has raised Sh542 million for Kenyans facing famine.
At State House on Friday, President William Ruto commended various organizations for stepping forward to support the Government’s efforts towards confronting drought in the country.
“This is beyond patriotism; we are indebted to you,” he said.
Co-op Bank led the list of contributors with an Sh150 Million donation.
Equity Bank presented its Sh120 million cheque while Kenya Commercial Bank (KCB), on the other hand, donated Sh100 million, Middle East Bank gave out Sh20 million and Dawoodi Bohri Bank gave a Sh 10 million cheque.
The fund drive was necessitated by the need to feed the majority of Kenyans who are affected by drought across the Country.
Co-op Donated Ksh150M After Minting Ksh17B Net Profit in 9 Months.
Co-operative Bank saw its net profit for the nine months to September 2022 rise 47 percent to Ksh17 billion compared to Ksh11.6 billion in a similar period last year, driven by steady growth in non-interest and interest income which increased by 28.2 percent and 10.5 percent to Ksh20 billion and Ksh43.7 billion respectively.
The co-op bank’s loan book grew 9.4% to Ksh335.1 billion. The bank cut lending to the government as investments in government debt securities slid 5.6 percent to Ksh182.3 billion.
Co-op Bank CEO Gideon Muriuki hailed the performance highlighting returns for shareholders.
The bank early this week opened a new branch in Kamakis, on the Eastern Bypass at Greenspot Towers.
The bank serves the banking needs of individuals, small businesses, large corporations, and co-operatives.
This was the second branch to open in a period of six months as in May; Co-operative bank opened another branch in Iten, Elgeyo Marakwet County.
The new branches being opened by Co-op Bank are part of the implementation of its medium-term strategy focused on local expansion.
Cooperative Bank Chief Executive Officer Gideon Muriuki recently received his third honorary doctorate from the Africa International University in recognition of his contribution to the banking industry.
Mr. Muriuki received his first honorary doctorate in 2011 from Kabarak University in Business Leadership and was awarded a second one from the Co-operative University of Kenya early this year.