The Co-operative Bank of Kenya made a profit before Tax of Sh.15.4 Billion for the period that ended 31st December 2015. This came out to be a commendable growth of 41 percent, as compared to Sh.10.9 Billion in 2014.
This results have proven that the banks’ balance sheet has continued to expand with total assets at over Sh.342.5 billion, which is a 20 percent growth. All the growth came about due to their high customer base which currently stands at over 5.9 million account holders.
Co-operative bank not only operates across Kenya, but it has gone beyond boarders, to South Sudan where it implemented its services by opening four branches in Juba and four non-oil collecting centers. The South Sudan branch reported a Sh.850 million profit, before tax in 2015. The growth came about despite the difficult operating environment in a foreign country.
The board of directors of the bank have gone ahead to recommend a dividend of Kes 0.8 per ordinary share held subject to approval by the capital markets authority. This dividend represents a 60 percent growth from the one that was given in 2014. It is expected to enable the bank to be in a position to reward its shareholders and at the same time reserve funds to fuel growth as it continues with its transformation agenda.
Out of the profits made by the bank, it came up with a social investment program, the Co-op Foundation, that was started in the year 2007. This program which is fully funded by the bank provides bright but needy students from all across the country with scholarships for both primary, secondary and university education. Beneficiaries are also offered with career training and internship programs.
Article by Vera Shawiza.