The Co-operative Bank of Kenya hired 1,104 new employees during the year ended last December, as it sought to plug workforce gaps following staff exits, as well as enhance capacity following the opening of 16 new branches countrywide.
Last year’s recruitment, which thinly outpaced the 1,003 new signings seen the previous year, saw the lender’s staff count rise to 5,863, up from the 5,400 recorded at the end of 2023.
“A total of 1,104 new employees joined Co-op Bank in 2024, supporting growth in digital banking, micro, small and medium enterprises (MSME) expansion, and branch network optimisation. Our recruitment strategy prioritises diverse talent pipelines, internal promotions, and succession planning,” the lender says in its latest annual report.
By the end of last year, 825 members of staff were management level, 3,690 were in supervisory and unionisable positions, while 1,348 were in other roles.
Meanwhile, the number of contract staff dropped to 760 from 763 in 2023, while the composition of female employees rose from 46 percent to 48 percent.
“In 2024, we recorded a 5.20 percent overall (employee) turnover rate, reflecting a balance between career mobility and workforce stability. No retrenchment occurred in the period,” Co-op Bank said.
“In both 2023 and 2024, over 80 percent of identified leadership positions had designated successors, reflecting consistent investment in internal talent development.”
The additional staff pushed the lender’s employee costs by 9.8 percent to Sh18.3 billion, up from Sh16.7 billion the previous year, out of which Sh14.8 billion covered basic salaries, while the rest went to allowances, statutory and pension contributions, medical as well as training expenses.
Co-op Bank had earlier last year said it was planning to open 15 new branches, continuing its expansion of physical outlets across the country despite the growing popularity of digital services.
During the review period, the bank added 16 new branches, bringing its total brick-and-mortar outlets to 210.
Co-op Bank’s recruitment amplifies a trend observed across the industry in 2023, when the banking sector as a whole added 1,826 jobs, hitting 37,933 employees— a 5.1 percent jump from the 36,107 roles recorded in 2022, according to a banking supervision report published by the Central Bank of Kenya (CBK).
The hiring came at a time when lenders embarked on an aggressive expansion drive, unveiling 41 new branches across Kenya’s 21 counties.
This increase in both staff and physical network coincides with customers returning to banking halls, despite the rise of digital channels such as mobile and internet banking.
Banks have, nevertheless, offset the elevated staffing costs by booking greater revenues from their diversified income streams.
Last year, for instance, Co-op Bank posted a 9.8 percent jump in net profit to Sh25.4 billion, up from Sh23.1 billion a year earlier, on the back of higher interest income.
The lender maintained the momentum in the first quarter of this year, with net earnings growing by 5.3 percent to Sh6.9 billion, compared to Sh6.6 billion recorded in a similar quarter last year.
