10 things to note about Co-operative Bank’s 4.9 billion profit for the first quarter of 2018

May 24, 2018 at 12:16
10 things to note about Co-operative Bank's 4.9 billion profit for the first quarter of 2018

The Co-operative Bank has made a profit before tax of 4.9 billion shillings between January and April 2018,  a 9 per cent rise.

The profit was made as a result of strong growth in earning assets and cost control. The bank’s customer numbers continue to grow, now standing at 7.2 million

There are several other factors to note about Co-operative Bank’s 4.9 billion profit for first quarter of 2018, take a look below:

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1. Co-op 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%.

2. Co-op Bank’s total assets is fast approaching Kes 400 billion mark, now standing at Kes 397.8 billion.

3. Then bank continues lending to customers, with Net loans and advances growing by Kes 6.97 billion to Kes 252.8 billion.

4. Co-op Bank’s total operating income grew by 8.4% to Kesh 10.9 billion.

5. Co-op’s customer deposits continue to grow to stand at just under Kes 300 billion.

Alternative delivery channels

6. Up to 87% of all customer transactions now being done at  Co-op Bank’s alternative delivery channels (MCo-op Cash, Co-op visa cards, Co-op mVisa and Kwa Jirani Agent)

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

8. Co-op Bank’s partnership with Saccos enables the bank to serve customers through over 560 FOSA outlets, and issue over 1 million Sacco-Link cards.

9. 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.

10. Co-op 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.

 

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