Co-operative Bank of Kenya Post Q3 Pre-Tax Profit of KSh15.23 Billion

Co-operative Bank of Kenya Ltd (NSE: COOP) on Thursday reported a Profit Before Tax of Ksh 15.2 Billion in Q32016 un-audited financial results compared to Ksh 12.2 billion in Q3 2015.

The over 25.2 percent growth has been attributed to its alternative digital platforms that generate a volume of about 80-85 percent.

“The sustained  good performance is attributable to the realisation of the transformational project with a critical focus on improvement in operating efficiencies , sales force and innovative customer delivery platforms.”

Profit after tax for the group was Ksh 10.5 billion compared to Ksh 8.6 billion in the previous year representing a 22.3 percent growth rate.

• Total interest income grew by 24.6 percent from ksh 26 billion to Ksh 32.3 billion supported by a 10  percent growth on earning assets.
• Total interest expense grew by 15.8 percent from Ksh 8.6 billion to Ksh 9.9 billion mostly attributable to increased cost of funding
• Total operating income grew by 21.2 percent to ksh 32.3 billion from Ksh 26.6 billion
• Total non-interest income grew by 6.8 percent from Ksh 9.2 billion to Ksh 9.9 billion compared to the same period last year.
• Total assets grew by Ksh 21.2 billion to Ksh 354 billion compared to Ksh 332.9 billion in the same period last year.
• Net loans and advances grew by Ksh 14.7 billion to Ksh 227.1 billion compared to Ksh 212.4 billion in the same period last year.
• Deposits grew by Ksh 3.2 billion to Ksh 260.6 billion from Ksh 257.5 billion last year.