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

Dr. Gideon Muriuki embarked on his career journey with the Co-operative Bank of Kenya in 1996, starting as a senior corporate manager. Since then, he has steadily climbed the corporate ladder, achieving the esteemed position 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 transformation for the institution. Under his leadership, Co-operative Bank was rescued from near collapse, paving the way for its resurgence.

In 2023, Dr. Muriuki, hailed for his instrumental role in steering Co-operative Bank to success, emerged as one of the highest-paid CEOs in the country, with reported earnings of Sh 455.5 million. This translates to a monthly salary of 37.95 million and a daily wage of Sh 1.2 million.

In 2022, according to Co-op Holding Co-operative Society Limited, Dr. Muriuki’s earnings, including bonuses, amounted to Sh 428.2 million, showcasing a significant increase attributed to the bank’s 5.2 percent rise in net profit to Sh 23.2 billion.

Since assuming the role of Managing Director in 2001, Dr. Muriuki has played a pivotal role in transforming Co-operative Bank from a loss-making entity with KShs. 2.3 billion in losses in 2000 to a profitable institution, recording a profit before tax of KShs. 22.6 billion in 2021.

Dr. Muriuki’s achievements include not only pulling the bank back from the brink but also achieving substantial growth. During his tenure, Co-operative Bank’s total assets have soared from KES 24 billion in 2001 to over KES 600 billion, showcasing the bank’s adeptness in capitalizing on opportunities and managing its resources effectively.

Under his leadership, the bank’s customer base has expanded exponentially, from 125,000 customers in 2001 to over 9 million individuals presently. Additionally, the bank’s service network has undergone significant expansion, growing from 27 branches and three ATMs in 2001 to 158 branches across Kenya, with four branches established in South Sudan. The bank now boasts 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, with its loan portfolio surging from KES 15 billion in 2001 to over KES 300 billion by 2021.