The Co-operative Bank of Kenya has overtaken East African Breweries Plc (EABL) to become the fourth most valuable company on the Nairobi Securities Exchange (NSE), buoyed by a strong surge in its share price this year.
The lender’s market capitalisation has risen to KSh206.82 billion after its stock gained 47.18 percent since the start of 2026. In contrast, EABL’s valuation has slipped to KSh199.47 billion following a 4.09 percent decline in its share price.
Co-op Bank now trails only Safaricom, Equity Group and KCB Group in market value, meaning banks now occupy the second, third and fourth positions among the NSE’s largest listed companies.
The lender’s impressive performance has been fuelled by record earnings for the 2025 financial year. Net profit climbed 16.9 percent to KSh29.75 billion, while profit before tax increased 15.8 percent to KSh40.29 billion. Shareholders also received a significantly higher dividend, with the total payout rising 66.7 percent to KSh2.50 per share.
Market attention is now turning to EABL, which is expected to announce its full-year results in late July or early August. The brewer has traditionally been among the first major NSE-listed firms to publish annual earnings, having released its results on July 31 in 2025, July 30 in 2024 and August 3 in 2023.
EABL entered the second half of its financial year on a strong footing. Half-year revenue grew 11 percent to KSh75.5 billion, while net profit jumped 38 percent to KSh11.2 billion. The interim dividend increased from KSh2.50 to KSh4.00 per share, and total debt fell by KSh2.3 billion.
Independent analyst Gichuki Kahome expects the brewer to deliver one of its strongest earnings recoveries in recent years. He projects revenue to rise 10.3 percent to KSh142.01 billion, comfortably exceeding the previous record of KSh128.79 billion posted in FY2025.
Operating profit is forecast to increase 33 percent to KSh33.47 billion, surpassing the previous high of KSh28.25 billion recorded in FY2022. Profit before tax is expected to grow 52 percent to KSh29.35 billion, while group net profit could reach KSh19.90 billion, eclipsing the FY2022 record of KSh15.57 billion.
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Profit attributable to shareholders is projected to rise 70.1 percent to KSh16.12 billion, with earnings per share expected to increase to KSh20.38 from KSh11.97. If achieved, this would mark EABL’s highest earnings per share since 2002.
MarketScreener also anticipates a robust recovery, forecasting FY2026 revenue of KSh140.76 billion, up 9.3 percent, and operating profit of KSh35.04 billion, representing a 39.2 percent increase. The research firm estimates pre-tax profit at KSh29.74 billion, broadly in line with Kahome’s outlook, while operating margin is expected to improve to 24.9 percent from 19.5 percent in FY2025.
MarketScreener further projects the brewer’s dividend to rise 35.8 percent to KSh10.86 per share, although the estimate is based on the outlook of a single contributing analyst rather than a broader market consensus.
The expected turnaround is largely attributed to stronger sales, lower operating costs and reduced finance expenses. Even so, Kahome expects only a modest improvement in gross margin to around 42.4 percent, slightly above the 42 percent recorded in FY2025 but still below the 48.3 percent achieved in FY2022.
