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Kenyan Banker Gideon Muriuki Earns $2.6 Million from Co-op Bank Investment

Gideon Muriuki, CEO of Co-operative Bank firm, has seen a huge increase in the market value of his stock in the Nairobi-based financial services firm recently.

Muriuki’s share in the top Kenyan lender has risen by Ksh352.41 million ($2.66 million), as investors boost their stakes in the group following its outstanding financial performance. Co-op Bank recorded a profit of about Ksh23 billion ($170 million) for the fiscal year 2023.

Co-operative Bank Group (Co-op Bank), a major player in East Africa’s financial landscape, has several subsidiaries, including Kingdom Securities Limited, Co-optrust Investment Services Limited, Co-operative Consultancy and Insurance Agency Limited, Kingdom Bank Limited, and Co-operative Bank of South Sudan.

Gideon Muriuki leads the group, which has embraced the cooperative concept to reform regional banking. Through creative financial solutions, it has had a tremendous impact on social and economic growth.By the end of 2023, its interest and non-interest income will have topped Ksh95 billion ($710 million), with total assets topping Ksh670 billion ($5 billion).

Muriuki, who runs Co-op Bank and is one of Kenya’s top investors, owns a 2% share in the major financial services firm. This amounts into 117,471,300 ordinary shares of the Nairobi-based firm.

Co-op Bank’s shares have risen 25.2 percent on the Nairobi Securities Exchange (NSE) since January 29th, from Ksh11.9 ($0.090) to Ksh14.9 ($0.112). This remarkable result has increased the lender’s market value beyond $600 million.

This resulted in enormous financial advantages for shareholders, including Muriuki. His share in Co-op Bank has climbed by Ksh352.41 million ($2.66 million) in less than two months, from Ksh1.39 billion ($10.54 million) on January 29 to Ksh1.75 billion ($13.19 million).

Muriuki’s $2.6 million gain demonstrates the good effects of his leadership at Co-op Bank. His commitment to expanding the banking company has clearly resulted in value for shareholders.

Written by PH

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