Co-operative Bank Defies Odds to Register KSh.12.7 Billion Profit After Tax

By Soko Directory Team / March 21, 2019



Co-op Bank goldfish Kingdom Securities

The Co-operative Bank Group has announced full financial results for 2018, which indicates a profit after tax of 12.7 billion shillings compared to 11.4 billion shillings in the previous year.

Against the backdrop of a challenging operating environment during the period under review, the lender realized an impressive growth of 11 percent in gross profits which stood at 18.2 billion compared to 2017’s 16.4 billion shillings.

READ

Profits and Loss

An increase in interest income from government securities drove the lender’s total interest income for the period to gain by 7 percent from 40.37 billion shillings to 43.02 billion shillings.

The rise was also attributed to a 3 percent rise in interest income from loans that registered 31.94 billion shillings in the period under review.

SEE ALSO

Despite a 7 percent growth in deposits, the total interest expense fell by 300 million shillings from 12.27 billion shillings. Nonetheless, the total operating income grew by 5 percent from 41.6 billion to 43.68 billion shillings.

Statement of Financial Position

Co-op Bank’s assets grew by 7 percent from 26.5 billion shillings to 413.41 billion shillings from the 386.86 billion shillings recorded at the close of the year 2017.

The net loans and advances book marginally declined by 3 percent to settle at 245.41 billion shillings as opposed to what was recorded in 2017, which stood at 253.86 billion shillings.

The institution also recorded growth in government securities which rose by 16 percent to stand at 80.27 billion shillings compared to 69.24 recorded the previous year.

Also, customers deposits increased by 7 percent to 306.12 billion shillings whereas borrowed funds from development partners grew by 13 percent to 23.95 billion shillings compared to 21.16 billion recorded in 2017.

Notably, shareholders’ funds jumped to 69.86 billion shillings as indicated by the latest financial results enabling the bank to continue to pitch for big ticket deals.

RELATED

Dividends

Meanwhile, the Board of Directors has recommended for approval by the AGM the payment of a dividend of 1.00 shilling per every ordinary share held subject to approval by the Capital Markets Authority.

This will represent a growth of 25 percent compared to a dividend of 0.80 shillings paid in 2017.

Regional Expansion

In the regional expansion, the Co-operative Bank of South Sudan, which is a unique Joint Venture (JV) partnership with Government of South Sudan with Co-op Bank holding the majority share, made a Profit before tax of South Sudanese pounds (SSP) 897.3 million shillings in 2018.

This was 368 percent higher than SSP 192 million posted in 2017. The performance, however, translated to a monetary loss of 16.4 million shillings in 2018 attributable to hyperinflation accounting occasioned by currency devaluation of the South Sudanese pound.



About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

View other posts by Soko Directory Team


More Articles From This Author








Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE

ARCHIVES

2019
  • January 2019 (256)
  • February 2019 (216)
  • March 2019 (288)
  • April 2019 (167)
  • 2018
  • January 2018 (291)
  • February 2018 (220)
  • March 2018 (279)
  • April 2018 (226)
  • May 2018 (240)
  • June 2018 (178)
  • July 2018 (257)
  • August 2018 (250)
  • September 2018 (256)
  • October 2018 (287)
  • November 2018 (286)
  • December 2018 (187)
  • 2017
  • January 2017 (183)
  • February 2017 (195)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (206)
  • July 2017 (190)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (166)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (246)
  • June 2016 (183)
  • July 2016 (271)
  • August 2016 (249)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (109)
  • May 2015 (117)
  • June 2015 (121)
  • July 2015 (150)
  • August 2015 (157)
  • September 2015 (189)
  • October 2015 (170)
  • November 2015 (174)
  • December 2015 (208)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950