The Co-operative Bank of Kenya has posted a pre-tax profit Sh4.5 Billion in the first quarter of 2017 compared to Sh4.9 Billion achieved in Q1 of 2016.
A remarkable performance despite adversities presented by a tighter operating environment.
Capping of interest rates and currency devaluation as well as hyperinflation in their growing South Sudan operations occassioned the slight drop.
Profit after tax was 3.2 billion shillings compared to 3.4 billion shillings the previous year, a slight drop of 6 percent.
According to Co-op Bank, the rise followed a prosperous execution of its 'Soaring Eagle' project which has reduced the group's operational cost.
"The strong Group performance is riding on the remarkable gains from the ‘Soaring Eagle Transformation Agenda’ that has closely focused on improving operational efficiency, superior customer service, and lower operating costs," stated the bank's Managing Director Gideon Muriuki.
With a growing customer base of about 6.39 Million account holders, the bank's total assets grew by 7.9% which is Sh27.7 Billion rise from Sh350.7 Billion in the same period last year to Sh378.5 Billion.
Having 149 branches, 8,000 Co-op Kwa Jirani Agents and over 580 ATMs, the bank has enhanced service delivery and advanced loans amounting to Sh245.9 Billion unlike the same period last year when it issued credit totaling to Sh213.7 Billion
Secondary School and University students totalling 5,089 have successfully advanced their education and career pursuits through great scholarships from the Co-op Bank Foundation.
