Co-operative Bank of Kenya Posts Sh4.9 Billion Profit in First Quarter of 2018

  • By Michael Musyoka on Thursday, 24 May 2018 - 11:20am
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  • Co-operative Bank has recorded a profit before tax of Ksh4.9 billion for the first quarter of 2018, a 9 percent rise, on the back of strong growth in earning assets and cost control.

    The Results released on Wednesday showed that the bank closed the quarter with a good capital base, with adjusted total capital against total risk-weighted assets standing at 17.3%, which is 2.8% above the statutory minimum of 14.5%.

    Total assets approaching Sh400 billion mark, now standing at Ksh397.8 Billion while the total operating income grew by 8.4% to Kshs 10.9 Billion.

    The customer numbers for the bank continued to grow standing at Ksh7.2 Million with deposits increasing to just under Kshs300 Billion.

    "Co-op

    The bank continues lending to customers, with Net loans and advances grew by Kshs 6.97 billion to Kshs. 252.8 billion.

    Up to 87% of all customer transactions now being done at alternative delivery channels.

    The bank’s Mco-op Cash mobile wallet continues to be popular, with over 3.7 Million customers registered, and growing.

    Our partnership with Saccos enables us to serve customers through over 560 FOSA outlets, and issue over 1 million Sacco-Link cards.

    Co-operative Bank of South Sudan has turned around and made a profit of Kshs 32.4 million compared to a loss of Kshs 34.7 in quarter 1 of 2017.

    The Bank through the Co-op Bank Foundation continues to offer full education scholarships to gifted but needy students throughout Kenya, and has so far supported 6,303 students since the inception of the program in 2007.

    The Group was recognised by Banker Africa, East Africa Awards 2018 with three key awards, namely the Best Retail Bank in Kenya, The Best SME Bank in Kenya and the Best Investment Institution in Kenya. This is a re-affirmation of the bank’s unique position as a bank that positively influences the lives of the majority of Kenyan citizens.

    "Co-op

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