Co-op Bank Posts Ksh 5.1 Billion In Profits In Q1

The Co-operative Bank of Kenya has posted 5.1 billion shillings in profits before tax for the first quarter of 2020, a performance similar to what was recorded in 2019 at the same time.

According to the statement sent to the newsrooms by the lender, profits after tax for the first quarter of 2020 stood at 3.6 billion shillings.

The total operating income for the Co-operative Bank of Kenya grew by 12.5 percent to 12.5 billion shillings from 11.1 billion shillings.

The total non-interest income increased by 19 percent from 4.2 billion shillings to 5.0 billion shillings. The net-interest income, on the other hand, was up by 8.5 percent from 6.9 billion shillings to 7.5 billion shillings.

According to Co-op Bank, total operating expenses grew by 20.6 percent from 6.0 billion shillings to 7.3 billion shillings on account of higher loan loss provision and staff expenses.

“The group notes the strong performance in the first quarter of this year, and continues to pay close attention to the enormous challenge posed by the pandemic with a view to sustaining full and uninterrupted business operations in the days ahead,” said the bank in a statement.

Total assets grew by 44.7 billion shillings to 470.4 billion shillings from 425.7 billion shillings, an equivalent of 10.5 percent growth.

Net loans and advances book grew by 24.5 billion shillings to stand at 276.2 billion shillings from 251.6 billion shillings. Investment in government securities grew by 11.9 billion shillings to 115.9 billion shillings from 103.9 billion shillings.

Deposits from the customers grew by 6.9 percent from 317.8 billion shillings from 339.6 billion shillings. Shareholders’ funds grew to 82.0 billion shillings from 72.8 billion shillings.