The Co-operative Bank of Kenya has posted a pre-tax profit Sh13.7 Billion in the third quarter of 2017 compared to Sh15.2 Billion achieved in Q3 of 2016.
The performance has been noted to be commendable given the election season, capping of interest rates and a general economic slowdown.
Profit after tax was Sh9.5 Billion shillings compared to Sh10.5 Billion shillings the previous year, representing a slight drop.
[caption caption="File image of a Co-op Bank branch banking hall"]
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According to Co-op Bank, the challenges experienced would be mitigated through a prosperous execution of its 'Soaring Eagle' project which has reduced the group's operational cost.
The bank's Managing Director Gideon Muriuki, however, noted that the bank has set up robust structures to sustain growth for the last quarter of the year.
"The Co-operative Bank Group is alive to both the challenges presented by the operating environment and also the wide opportunities offered by Kenya’s growing economy.
"The Group has put in place strategies to sustain the business on a growth trajectory in the long-term leveraging on our strong balance sheet, solid customer base, a wide range of service channels, robust ICT framework and a skilled team," he noted in his statement.
Co-op's total assets grew to Sh388.3 Billion shillings compared to Sh354 Billion shillings, a Sh34.2 Billion shillings difference, which is a 9.7% increase.
The respected brand boasts of 6.8 million account-holders across all sectors who are supported by a multichannel strategy that includes 149 Branches, over 10,000 Co-op Kwa Jirani Banking Agents and over 580 ATMs.
The bank has continued to be ranked top in Kenya especially for the benefits it offers its clients.
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[caption caption="Co-op Bank Managing Director Gideon Muriuki"]
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