Co-Operative Bank Registers KSH 4.9Bn in First 3 Months

Co-operative Bank has registered a profit before tax of 4.9 billion shillings for the first quarter of 2018.

The profits are registered according to the lender are 9 percent rise from 2017 at the same time on the back of strong growth in earning assets and cost control.

Customer numbers continue to grow, now standing at 7.2 million. The bank closed the quarter with a good capital base, with adjusted total capital against total risk-weighted assets standing at 17.3 percent which is 2.8 percent above the statutory minimum of 14.5 percent.

Total assets for the lender are approaching 400 billion shilling mark, now standing at 397.8 billion shillings.

The bank continues lending to customers, with Net loans and advances growing by 6.97 billion shillings to 252.8 billion shillings.

Total operating income grew by 8.4 percent to 10.9 billion shillings. Customer deposits continue to grow, to stand at just under 300 billion shillings. Up to 87 percent of all customer transactions now being done at alternative delivery channels.

The bank’s Mco-op Cash mobile wallet continues to be popular, with over 3.7 Million customers registered, and growing.

“Our partnership with Saccos enables us to serve customers through over 560 FOSA outlets, an issue over 1 million Sacco-Link cards,” read a statement from the bank.

Co-operative Bank of South Sudan has turned around and made a profit of 32.4 million shillings compared to a loss of 34.7 million shillings in quarter 1 of 2017.

The Bank through the Co-op Bank Foundation continues to offer full education scholarships to gifted but needy students throughout Kenya and has so far supported 6,303 students since the inception of the program in 2007.

The Group was recognized by Banker Africa, East Africa Awards 2018 with three key awards, namely the Best Retail Bank in Kenya, The Best SME Bank in Kenya and the Best Investment Institution in Kenya. This is a re-affirmation of the bank’s unique position as a bank that positively influences the lives of the majority of Kenyan citizens.