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Co-op Bank Records Ksh9.8 Billion Profit After Tax In Q3 Of 2020

cooperative bank

Co-op Bank Group has reported a profit before tax of Ksh13.8 billion for the third quarter of 2020 compared to Ksh15.5 billion recorded in the third quarter of 2019, an 11 percent drop on account of increased Covid-19-related loan toss provisions.

Profit after tax was Ksh9.8 billion compared to Ksh10.9 billion in the previous year, a 10 per cent reduction.

The Group has taken a 90 percent increase in loan loss provision from Ksh2.1 billion in 2019 to Ksh4.0 billion, in appreciation of the challenges that businesses and households are grappling with from the disruption occasioned by the ongoing pandemic.

“We continue to actively engage our customers to support them through this period, by re-aligning the servicing of facilities, funding and transactional needs as the situation unfolds. As at the close of the third quarter, a total of Ksh46 billion in loans have been restructured to support customers impacted by the pandemic,” the lender said in a statement.

Total Assets grew by Ksh70.1 billion (+16%) to Ksh510.9 billion compared to Ksh440.8 billion in the some period lost year.

Net loans and advances book grew by Ksh15.4 billion (+6%) from Ksh268.9 billion to Ksh284.2 billion.

Read: Co-op Bank Restructures Loans Worth Ksh39.2 Billion In Three Months

Investment in Government securities grew by Ksh47.7 billion (+50%) to Ksh142.3 billion compared to Ksh94.6 billion in 2019.

Customer deposits grew by 16% from Ksh322.5 billion to Ksh375.5 billion.

Borrowed funds from development partners decreased by Ksh3.6 Billion (-12%) to Ksh26.2 billion from Ksh29.7 billion in 2019.

Shareholders’ funds grew to Ksh82 billion (+11%) from Ksh73.9 billion In 2019.

Total operating income grew by 6% from Ksh35.2 billion to Ksh37.2 billion. Total non-interest income declined by 4% from Ksh14.1 billion to Ksh13.6 billion.

Net interest income grew by 12% from Ksh21.2 billion to Ksh23.6 billion.

Total operating expenses grew by 18% from Ksh19.8 billion to Ksh23.5 billion on account of higher loan loss provisions.

The lender has continued to fortify its digital channels to support uninterrupted access to banking services by customers, with over 90% of services now on alternative banking channels.

This has been achieved through mobile banking, 584 ATMs, Internet banking and over 17,700 Co-op Kwa Jirani banking agents.

The lender has also adopted a work-from-home model for the safety and wellness of bank teams, and ensuring safe spaces for staff who continue to serve in physical touchpoints.

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Written by Francis Muli

Follow me on Twitter @francismuli_. Email

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