Co-operative Bank of Kenya total assets spiked by 7 percent to 425.7 billion shillings during the first quarter of 219 compared to 397.8 billion shillings at the same time in 2018.
While releasing the financial results for the quarter, Co-operative Bank Group reported a Profit before Tax of 5.1 billion shillings compared to 4. 9 billion shillings recorded in the first quarter of 2018
The bank exhibited a steady growth of 4.4 percent against the backdrop of a challenging economic environment in the period.
Profit after tax was 3.6 billion shillings compared to 3.4 billion shillings in the previous year while the net loans and advances book remained relatively stable at 251.6 billion shillings.
Customers’ deposits grew by 7.4 percent from 295.9 billion shillings to 317.8 billion shillings while borrowed funds from development partners grew by 3. 1 billion shillings (14. 9%) to 23.7 billion shillings compared to 20.7 billion shillings in the same period the previous year.
Shareholders’ funds grew from 67. 9 billion shillings to 72.B billion shillings. The bank closed the quarter with a sound capital base, with adjusted total capital against total risk-weighted assets standing at 16.5 percent, which is 2.0 percent above the statutory minimum of 14.5 percent.
“Through our multi-channel strategy, the Bank has successfully moved 88 percent of all customer transactions to alternative delivery channels that include self-service kiosks in 155 branches, an expanded 24-hour contact center, mobile banking, 585 ATMs, internet and over 11,600 Co-op Kwa Jirani banking agents,” said Co-op in a statement.
A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve 8. 2 million Account-holders across all sectors.