Home » Meet Co-operative Bank CEO Gideon Muriuki who earns Sh 1.2 million per day

Meet Co-operative Bank CEO Gideon Muriuki who earns Sh 1.2 million per day

by Paul Nyongesa
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Dr. Gideon Muriuki embarked on his illustrious career journey with the Co-operative Bank of Kenya in 1996, assuming the position of a senior corporate manager.

Over the years, he has ascended the corporate ladder, attaining the esteemed role of Director of Corporate and Institutional Banking by 1999.

His appointment as the Bank’s Managing Director in 2001 marked the beginning of a remarkable turnaround for the institution.

In the year 2023, Dr. Muriuki, who steered Co-operative Bank out of near collapse, emerged as one of the highest-paid CEOs in the country, earning a reported salary of Sh 455.5 million.

This salary translates to 37.95 million per month, which is equivalent to a daily salary of Sh 1.2 million.

According to the bank’s shareholder, Co-op Holding Co-operative Society Limited, Muriuki earned Sh 428.2 million in salary and bonuses in 2022. This marked a 27.2 million pay rise on the back of the lender’s 5.2 percent rise in net profit to Sh 23.2 billion.

Since his appointment in 2001, Dr. Muriuki has been instrumental in leading the Bank’s transformation from a massive loss position of KShs. 2.3 billion in the year 2000 to a profit before tax of KShs. 22.6 billion in 2021.

His achievements with the Co-operative Bank include steering it out of near-collapse, moving from a huge loss of KES 2.3 billion in 2001 to a profit before tax of over KES. 16.5 billion for the first nine months of 2021.

Under Dr. Muriuki’s leadership, the Bank has experienced significant growth across multiple dimensions.

Firstly, the total assets of the bank have surged, rising from KES 24 billion in 2001 to over KES 600 billion. This remarkable expansion reflects the bank’s ability to leverage opportunities and effectively manage its resources under his guidance.

Moreover, the customer base of the bank has witnessed exponential growth during Dr. Muriuki’s tenure. From a modest figure of 125,000 customers in 2001, the bank now boasts a vast clientele of over 9 million individuals.

Additionally, the bank’s service network has undergone significant expansion under Dr. Muriuki’s stewardship. From just 27 branches and three ATMs in 2001, the bank has proliferated its presence to encompass 158 branches across Kenya.

Furthermore, the bank has established four branches in South Sudan, along with over 589 ATMs and more than 25,000 Co-op Kwa Jirani agency banking outlets.

In terms of lending activities, Co-operative Bank has demonstrated remarkable growth in loans and advances. From KES 15 billion in 2001, the bank’s loan portfolio has surged to over KES 300 billion by 2021.

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