The Vice Chairman of Co-opholdings Co-operative Society, which is the majority shareholder of the Co-operative Bank, Patrick Kaguta Githendu is dead.
Githendu’s demise was announced by Co-operative Bank in a notice on February 4, 2025.
The Co-operative Bank Director was a businessman with vast experience, particularly in the coffee industry.
“Co-op Bank Group and the Githendu family regret to announce the death of Mr. Patrick Kaguta Githendu, a long serving and dedicated member of the Board of Directors of Co-op Bank Group and the Vice Chairman of Co-opholdings Co-operative Society the majority shareholder of the Co-operative Bank,” the notice reads.
Patrick Githendu at Co-operative Bank
Githendu joined the Co-op Bank board in 2017 having served in the Board of Co-op trust Investment Services Ltd since 1998 and the Board of Co-op Consultancy & Insurance Agency Ltd since 2009, having joined the agency a year earlier.
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He was also the Director of Kingdom Securities Limited and a Director in Kenya Co-operative Coffee Exporters (KCCE).
Githendu leaves behind his widow Rahab Njeri with whom they had five children. Co-op Bank said that the billionaire’s burial date will be communicated later.
During his tenure at Co-operative Bank, Githendu was among the top leadership team that steered the lender towards significant growth and stability, enhancing its market position and expanding its customer base.
Co-operative Bank of Kenya recorded a net profit of Ksh26.8 billion for the third quarter of 2024, representing an 8.5 percent year-on-year growth.
This performance was driven by increases in customer loans and deposits, supporting growth in both interest and non-interest income.
The bank’s unaudited results for the period ending September 30, 2024, showed total operating income rose to Ksh59.2 billion from Ksh53.4 billion in 2023.
Fee income from transactions such as loan processing and foreign exchange also saw significant growth while interest income from loans increased by 24.5 percent to ksh39.4 billion.
2024 Q3 results
Customer deposits climbed 19.5 percent to Ksh513.9 billion, with total assets reaching Sh750.8 billion, supported by investments in government securities.
Shareholders’ equity stood at Ksh131.8 billion, with a return on equity (ROE) of 20.3 percent with the bank maintaining a strong liquidity position, positioning it for future growth.
The bank, which is listed on the Nairobi Securities Exchange, announced the results after it paid out a total dividend of Ksh8.8 billion to its investors earlier in July 2024, following approval by shareholders in the virtual annual general meeting held in June.
Co-op board had recommended a dividend of Ksh1.5 per share, amounting to Ksh8.8 billion, matching that of the previous year.
The top shareholder, Co-op Holdings Co-operative Society Limited, received Ksh5.68 billion on its 64.56 percent stake.
Co-op Bank posted a 5.2 percent growth in net profit to Ksh23.2 billion in the financial year ended December 2023 on increased income and reduced operating costs.
The net profit grew from Ksh22 billion posted in a similar period in 2022.
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