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Co-op Bank Records Ksh3.58 Billion Profit After Tax In First 3 Months of 2020

[IMAGE/ COURTESY]

Co-operative Bank of Kenya (Co-op Bank) has recorded Ksh3.58 billion profit after tax for the first quarter of 2020, a 0.2 percent dip as compared to Ksh3.59 billion profits recorded in the same period in 2019.

The balance sheet grew to Ksh470.4 billion at the end of March 2020 up from Ksh425.67 billion posted a year earlier representing a 10.5 percent growth.

Total non-interest income grew to Ksh4.9 billion from Ksh4.1 billion while total operating income grew to Ksh12.5 billion from Ksh11.1 billion.

Gross Non Performing Loans (NPLs/bad loans) stood at Ksh31.8 billion up from Ksh29.7 billion.

Investment in Government securities grew by Ksh11.9 billion, a growth of 11.5 percent to Ksh115.9 billion compared to Ksh103.9 billion in 2019.

Read: Co-op Bank Gives Businesses a Lifeline Through Cashless Transactions During Covid-19 Pandemic

Customers’ deposits grew by 6.9 percent from Ksh317.8 billion to Ksh339.6 billion. Borrowed Funds from development partners grew by Ksh3.7 billion (+15.5 percent) to Ksh27.4 billion compared to Ksh23.7 billion in 2019.

“Through our multi-channel strategy, the Bank has successfully moved almost 90% of all customer transactions to alternative delivery channels, an expanded 24-hour contact centre, mobile banking, 584 ATMs, internet and over 16,700 Co-op Kwa Jirani banking agents,” the lender said in a statement.

Shareholders’ funds grew to Ksh82.0 billion (+12.7%) from Ksh72.8 billion in 2019. This has enabled the bank to continue to pitch for big-ticket deals.

Key focus on digital banking, with the all-telco MCo-opCash Mobile Wallet continuing to play a pivotal role in the growth of non-funded income with 5.6 million customers registered and loans worth over Ksh16 billion disbursed in Quarter one of 2020.

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Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

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