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HomeBusinessGideon Muriuki: Co-operative Bank CEO who earns Sh1.2 million per day

Gideon Muriuki: Co-operative Bank CEO who earns Sh1.2 million per day

Gideon Maina Muriuki, MBS, holds a prominent role as the Group Managing Director & CEO, Executive Director, and Member of the Board of Management at The Co-operative Bank of Kenya Limited.

Beginning his journey with the bank in 1996, Muriuki started as a senior corporate manager. He swiftly ascended the ranks, reaching the position of director for corporate and institutional banking by 1999. In 2001, he was appointed as the managing director, marking a significant turning point for the institution.

With over 35 years of experience in banking and finance, Muriuki has played a pivotal role in leading the bank’s transformation. Under his leadership, the bank transitioned from a staggering loss position of Sh 2.3 billion in the year 2000 to a commendable profit before tax of Sh 22.6 billion in 2021.

This remarkable achievement has positioned him as one of the highest-earning CEOs in Kenya. The bank attests that Muriuki’s salary reflects his extensive service to the lender and his tireless efforts in steering the bank towards profitability.

According to disclosures from the bank’s top shareholder, Co-op Holdings Co-operative Society Limited, Muriuki earned a total of Sh 455.5 million in 2023, placing him among the highest-paid CEOs. His daily salary averages around Sh 1.25 million, with a monthly pay reaching Sh 37.9 million.

Out of the total earnings, Muriuki received a salary of Sh 154.39 million and bonuses amounting to 301.14 million. This significant compensation demonstrates the value attributed to his leadership and contributions to the bank’s success.

Further disclosures reveal that in 2022, Muriuki earned Sh 428.2 million in salary and bonuses, signifying a Sh 27.2 million pay rise propelled by the lender’s 5.2 percent rise in net profit to Sh 23.2 billion.

Dr. Muriuki is well-known for his achievements with the Co-operative Bank, including steering it out of near-collapse.

The Bank transitioned from a huge loss of Sh2.3 billion in 2001 to a profit before tax of over Sh 16.5 billion for the first nine months of the year 2021.

Additionally, he oversaw the increase in total assets from Sh 24 billion in 2001 to over Sh 600 billion and the expansion of the customer base from 125,000 in 2001 to over 9 million.

Furthermore, the service network grew significantly from 27 branches and three ATMs in 2001 to 158 branches in Kenya, four branches in South Sudan, 589 ATMs, and over 25,000 Co-op Kwa Jirani agency banking outlets.

Loans and advances also experienced a notable increase from Sh15 billion in 2001 to over Sh 300 billion in 2021, alongside a rise in customer deposits from Sh 17 billion in 2001 to over Sh 420 billion

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