Co-op Bank emerges Winner at 2023 Top Sustainable Finance Awards with a Q3 Profit of Ksh24.7 Billion

Co-op Bank Group is pleased to report a Profit Before Tax of Kshs. 24.7 Billion for the third quarter of 2023, representing an 8.6% growth compared to Kshs. 22.7 Billion recorded in the third quarter of 2022.

This represents a Profit after Tax of Kshs. 18.4 Billion compared to Kshs. 17.1 Billion reported in 2022.

The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility.

Sustainable Finance Award

Co-op Bank has been named Overall Winner at the Kenya Bankers Association (KBA) 2023 Sustainable Finance Catalyst Awards.

This is the fourth time in six years that Co-op Bank has been named overall winner, having also won the overall title in 2017, 2019 and last year 2022.

In addition to scooping the overall title, Co-op Bank also won in specific award categories that include being named as the Most Innovative Bank, Best in Financing Commercial Clients, Best in Promoting Gender Inclusivity, and the Best in Promoting Accessibility for People with Disabilities (PWD).

Key Q32023 Performance highlights:

Financial Position: The Group has registered sustained growth as follows;

Total Assets grew to Kshs. 661.3 Billion, a 6.3% growth from Kshs 622.1 Billion in the same period last year.

Net loans and advances grew to Kshs. 378.1 Billion, a 12.8% growth from Kshs.335.2 Billion in 2022.

Customer deposits grew to Kshs 432.8 Billion, a 0.2% increase from Kshs. 432.0 Billion. External funds from development partners have increased by 56.5% to Kshs.65.6 Billion from Kshs. 41.9 Billion in 2022.

Shareholders’ funds have grown to Kshs. 108.1 Billion, a 7.1% increase from Kshs. 100.9 Billion in 2022.

Comprehensive Income

Total operating income grew by 2.3% from Kshs. 52.2 Billion to Kshs. 53.4 Billion.

Net interest income grew by 2.5% from Kshs 32.0 Billion to Kshs 32.8 Billion.

Total non-interest income grew by 2.1% from Kshs. 20.2 Billion to Kshs. 20.6 Billion.

Total operating expenses decreased by 2.1% from Kshs. 29.6 Billion to Kshs. 29.0 Billion.

Cost Management

The Group reports excellent efficiency gains from the various initiatives to record a Cost-to-Income Ratio of 46.4% in Q32023 from 59% in FY2014 when we began our Growth & Efficiency journey.

Credit Management remains a key focus area, with the Group prudentially making provisions of Kshs. 4.2 Billion which has supported the Bank’s Loan Loss Reserve/Coverage level of 69.1%.

A Strong Digital Footprint

The Bank successfully upgraded the core banking system to the latest version of Finacle from Infosys, which was rated globally as the top core banking system in 2022 by Gartner.

Through our digital channel strategy, the Bank has successfully moved 91% of all customer transactions to alternative delivery channels, a 24-hour contact centre, 608 ATMs & Cash Deposit Machines (CDMs), mobile & internet banking and over 18,000 network of Co-op kwa Jirani agents.

We have successfully migrated our customers to the Omni-channel, integrating accessibility and user experience that interfaces online banking through personal computers, mobile phones and USSD.

MCo-op Cash Mobile wallet continues to drive substantial non-funded income streams with 5 Million customers registered and Kshs 59.4 Billion in loans disbursed year to date, averaging Kshs. 6.6 Billion per month.

Over 193,000 customers have taken up the MSME packages we rolled out in 2018, and 42,413 have been trained on business management skills.

Year to date, we have disbursed Kshs. 15.9 Billion to MSMEs through our Mobile E-Credit solution. MSMEs make up 15.5% of our total Loan Book.

Our unique model of retail banking services avails access to cash for FOSA operations, enabling 484 FOSA outlets to support over 15 million Sacco members access banking services even in rural/remote areas.

Expanding Branch Network

The Bank has grown the branch network to 193 (4 in South Sudan). Eight (8) new Branches (Nakuru Bahati Road, Kimana, Matuu, Thika Kwame Nkrumah, Greenwood Mall – Meru, Kenol Makuyu, Hindi – Lamu and Bamburi – Mombasa) opened in 2023, whereas 5 Branches (Kabarnet, Iten, Kasarani, Kamakis and Chwele) opened last year.

Subsidiaries

Co-op Consultancy & Bancassurance Intermediary Ltd posted a Profit Before Tax of Kshs 762.9 Million in Q32023, riding on strong penetration of Bancassurance business.
Co-operative Bank of South Sudan that is a unique joint venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) made a Profit before tax of Kshs 246.9 Million in Q32023.

Co-op Trust Investment Services Ltd contributed Kshs. 154.5 Million Profit Before Tax in Q32023, a 9.6% growth. The Subsidiary has Funds Under Management of Kshs. 196 Billion (Q32023).

Kingdom Bank Limited (A niche MSME Bank) has contributed a Profit before Tax of Kshs. 786.6 Million in Q32023, a remarkable growth of 24.8% from Kshs. 630.2 Million reported last year.

Environmental Social & Governance (ESG) Practice

The Bank continues to implement a best-in-class ESG policy framework supported by an ESG implementation roadmap, groupwide ESG champions and ESG Governance.

The Bank has invested in a unique forest rehabilitation project at “Solio Hill, Laikipia”; this is a partnership with the local community under the Community Forest Association and Kenya Forest Service (KFS) that has so far planted over 250,000 purely indigenous trees at the 600-acre government forest.

Co-op Bank Foundation, the Group’s social investment vehicle, continues to provide Scholarships to 10,264 gifted but needy students from all regions of Kenya.

Accolades

2023 Sustainable Finance Catalyst Award

Co-op Bank has emerged Overall Winner at this year’s Kenya Bankers Association (KBA) Sustainable Finance Catalyst Awards.

This is the fourth time in six years that Co-op Bank has been named overall winner, having also won the overall title in 2017, 2019 and last year 2022.

Commenting on the Award, the Group Managing Director & CEO, Dr. Gideon Muriuki said;

“Sustainability is fully integrated in our business model that stands on the three pillars of Economic Sustainability, Social Sustainability and Environmental Stewardship.”

“As a Bank that is predominantly-owned by the 15 million-member Co-operative Movement that is represented in all regions of the country, we are inclusive by design, which has enabled us to not only deliver shared prosperity today, but also helped us build an awareness and prudence to avoid participation in activities that risk putting future generations in jeopardy.”

2023 IFC Global SME Awards

Co-op Bank was awarded the SME Financier of the year in Africa – Gold Award at the Global SME Finance Awards 2023.

The Awards recognize financial institutions and fintech companies for their outstanding achievements in delivering exceptional products and services to their SME clients.

TAB Global – The Middle East and Africa Awards 2023

Co-op Bank and Intellect Global Consumer Banking were awarded Best Omnichannel Technology Implementation by TAB Global (The Middle East and Africa Awards 2023).

The Awards recognize leadership in retail financial services, technology, risk and transaction finance in the Middle East and Africa.

Conclusion

The Group continues to pursue strategic initiatives that focus on resilience and growth in the various economic sectors.

This is anchored on a successful universal banking model supported by an innovative digital presence, a wide physical footprint, and the unique synergies in the over 15-million-member co-operative movement that is the largest in Africa.

Co-op Bank marks 38% Profit Growth with Ksh22.7 Billion Profits Before Tax in 3rd Quarter

Co-op Bank Group is pleased to report a Profit Before Tax of Kshs. 22.7 Billion for the third quarter of 2022.

That’s a commendable 38% growth compared to Kshs. 16.5 Billion recorded in the third quarter of 2021.

This means, Co-op Bank has a strong Profit after Tax of Kshs. 17.1 Billion compared to Kshs. 11.6 Billion reported in 2021. The performance delivers a competitive Return on Equity of 23% to our shareholders.

The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility.

Support to the Fundraising Appeal to Fight Hunger

Co-op Bank Group wishes to join other Kenyans and indeed the global community of goodwill in fully supporting the Fundraising Appeal initiated by His Excellency the President, with a key contribution of Kshs.150 Million.

This is in support of relief efforts aimed at assisting families affected by the severe drought ravaging various parts of the Country.

Key Performance highlights;
1. Financial Position:

The Group has registered sustained growth as follows;

  • Total Assets grew to Kshs. 622.1 Billion, a 5% growth from Kshs 592.9 Billion in the same period last year.
  • Net loans and advances grew to Kshs. 335.2 Billion, a 9.4% growth from Kshs.306.3 Billion in 2021.
  • Customer deposits grew to Kshs 432.0 Billion, a 3% increase from Kshs.420.4 Billion.
  • External funds from development partners stands at Kshs 41.9 Billion from Kshs.43.8 Billion in 2021.
  • Shareholders’ funds have grown to Kshs. 100.9 Billion, a 6.2% increase from Kshs. 95.0 Billion in 2021.

2. Comprehensive Income

This is a 3-pronged approach:

  • Total operating income grew by 17.6% from Kshs 44.4 Billion to Kshs 52.2 Billion.
    Total non-interest income grew by 28.3% from Kshs 15.7 Billion to Kshs 20.2 Billion.
  • Net interest income grew by 11.7% from Kshs 28.7 Billion to Kshs 32.00 Billion.
  • Total operating expenses increased by 6% from Kshs 28.0 Billion to Kshs. 29.6 Billion.

3. Cost Management

Excellent gains from our various initiatives with a Cost to Income ratio of 45.8% in Q32022 from 59% in FY2014 when we began our Growth & Efficiency journey.

4. Credit Management

This remains a key focus area that has achieved key milestones. The Group prudentially provided Kshs. 5.7 Billion compared to Kshs 6.0 billion provided in 2021, pointing to an improvement in the quality of the asset book.

5. A Strong Digital Footprint

Through our digital channel strategy, the Bank has successfully moved 94% of all customer transactions to alternative delivery channels, a 24-hour contact centre, mobile banking, 550 ATMs, internet banking and a wide network of Co-op kwa Jirani agents.

We have successfully migrated our customers to the Omni-channel, integrating accessibility and user experience.

Our omnichannel interfaces online banking through personal computers, mobile phones and USSD availing our services to all customers through their preferred channel yet retain the same experience from wherever they are.

6. Subsidiaries

A great part of the success story arises from subsidiaries across the region:

  • Co-op Consultancy & Bancassurance Intermediary Ltd posted a Profit Before Tax of Kshs 772 Million in Q32022, riding on strong penetration of Bancassurance business.
  • Co-operative Bank of South Sudan that is a unique joint venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) returned a profit of Kshs 190 Million in Q32022 compared to a loss of Kshs.104 million in Q32021.
  • Co-op Trust Investment Services contributed Kshs. 141 Million in Profit Before Tax in Q32022, with Funds Under Management of Kshs. 202.6 Billion compared to Kshs.187.1 Billion in September 2021.
  • Kingdom Bank Limited (A Niche MSME Bank) has contributed a Profit before Tax of Kshs.609.2 Million in Q32022 compared to Kshs. 413.1 Million reported last year representing a 47% Growth year-on-year.
    Environmental Social and Governance (ESG).

The Group was named Overall Winner at the Kenya Bankers Association Catalyst Awards held in September 2022.

The awards recognize organizations that exemplify their sustainability prowess though promoting catalytic finance that impacts industry, economy and society.

This latest win is the third in five years, having won in 2017 and 2019, ranking Co-op Bank as Industry Leader in Sustainable Finance in Kenya.

Co-op Bank Foundation, the Group’s social investment vehicle, continues to provide Scholarships to gifted but needy students from all regions of Kenya. The sponsorship includes fully paid secondary education, full fees for University education, Internships and career openings for beneficiaries.

The foundation is fully funded by the bank and has supported 9553 students since the inception of the program.

7. Accolades

The Group Managing Director & CEO Dr. Gideon Muriuki was honoured with the award of a third Doctorate degree by the Africa International University in November 2022.

The Citation for the degree award noted his illustrious career in banking, his historic turnaround of Co-op Bank, his destiny-defining contribution to the co-operative movement and an enduring commitment to sustainable finance in Africa.

Breakdown of Co-op Bank’s virtual 14th Annual General Meeting

Co-operative Bank of Kenya today virtual held its 14th Annual General Meeting.

This is the third time the meeting has been held virtually following amendments to the law governing annual general meetings, following the Covid-19 epidemic.

Co-op Bank Group Managing Director Gideon Muriuki during the virtual meeting

The overwhelmingly successful meeting was attended by over 16,000 shareholders from across the globe.

Share holders welcomed the dividend payment scheduled to hit their accounts on 17Th June 2022.

The shareholders were appreciative of the Board of Directors’ divided policy that balances between the need for additional capital and shareholders immediate interest for earnings.

They particularly commended the Group Board for the kes 100billion retained earnings the bank has accumulated for future growth through this policy.

Kingdom Bank – one of the best performing Co-op Bank’s subsidiaries.

Speaking at the meeting the Group Managing Director, Dr. Gideon Muriuki pointed out to the shareholders that the bank was confident of a good performance in 2022 full year.

The MD estimated that the bank will surpass the over 22Billion profit registered in 2021, “ already in the first quarter of 2022 the bank has registered a profit before tax of kes 7.8Billion which is an indication of better days ahead.”

The meeting was chaired by the Bank Chairman Mr. John Murugu and was also attended by the Vice Chairman Mr. Macloud Malonza among other board members who attend virtually.

Co-op Banks records a 56% Growth with Ksh7.7B Profit in First Quarter

Co-op Bank Group is pleased to report a Profit Before Tax of Kshs. 7.78 Billion for the first quarter of 2022, a commendable 56% growth compared to Kshs. 4.98 Billion recorded in the first quarter of 2021.

This represents a strong Profit after Tax of Kshs. 5.8 Billion compared to Kshs. 3.5 Billion reported in 2021. The performance delivers a competitive Return on Equity of 23.8% to our shareholders.

The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility.

Key highlights;

Financial Position: The Group has registered sustained growth as follows;

Total Assets grew to Kshs. 597.0 Billion, a +8% growth from Kshs 552.9 Billion in the same period last year.

Net loans and advances grew to Kshs. 324.5 Billion, a +9% growth from Kshs.298.2 Billion.

Investment in Government securities grew to Kshs. 183.4 Billion, a +10% rise from Kshs. 166.2 Billion in 2021.

Customer deposits grew to Kshs 410.8 Billion, a +4% increase from Kshs. 393.8 Billion.

External funds from development partners stood at Kshs 43.3 Billion from Kshs.46.9 Billion in 2021.

Shareholders’ funds grew to Kshs. 102.7 Billion, a +10% increase from Kshs. 93.7 Billion in 2021 enabling us to continue pitching for big ticket deals.

Comprehensive Income

Total operating income grew by 17% from Kshs 14.4 Billion to Kshs 16.8 Billion.

Total non-interest income grew by 41.7% from Kshs 4.5 Billion to Kshs 6.4 Billion.

Net interest income grew by 6% from Kshs 9.8 Billion to Kshs 10.4 Billion.

Total operating expenses declined by 3% from Kshs 9.3 Billion to Kshs. 9.0 Billion.

Cost Management

Excellent gains from our various initiatives with a Cost Income ratio of 44.6% in Q12022 from 59% in FY2014 when we began our Growth & Efficiency journey.

Credit Management remains a key focus area by way of the following interventions;

The Credit Risk Adaptation Project dubbed ‘Project Kilele’ supported by a Global consulting firm, now in the implementation phase.

The Decentralization of Loan Portfolio Management to the Branches, Lending Units and Relationship Management teams. The successful project, aimed at enhancing collection activities, has advanced to Project Connect & Build (CB). The project is aimed at:
Identifying more business opportunities for loan book growth.

Engaging existing & potential customers with a view to establishing/enhancing their needs and co-create solutions.

Increasing customers’ product holding.

Sustaining the best practices learnt under the Decentralization of Loan Portfolio Management and Project Kilele above.

The Group prudentially provided Kshs. 1.5 Billion compared to Kshs 2.3 billion provided in 2021 indicating improving quality of our asset book as businesses and households continue to recover from the impact of Covid-19 pandemic.

Our Gross Non-Performing Loan (NPL) Book has reduced by 5% from last year, with our NPL ratio improving to 13.3% against 15.2% in a similar period last year. This affirms our Credit Quality and Growth strategies and will continue to improve to single digit pre-pandemic NPL levels.

A Strong Digital Footprint

Through our digital channel strategy, the Bank has successfully moved 94% of all customer transactions to alternative delivery channels, an expanded 24-hour contact centre, mobile banking, 541 ATMs, internet banking and over 27,000 Co-op Kwa Jirani agency banking terminals.

We have successfully migrated our customers to the Omni-channel, integrating accessibility and user experience. Our omnichannel interfaces online banking through personal computers, mobile phones and USSD availing our services to all customers through their preferred channel yet retain the same experience from wherever they are.

A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve 9 million Account holders across all sectors.

Key focus on digital banking, with the all-telco Mco-op Cash Mobile Wallet continuing to play a pivotal role in the growth of non-funded income with 5 Million customers registered and loans worth Kshs 19.9 Billion disbursed year-to-date, averaging over Kshs. 6.6 Billion per month.
Over 151,500 customers have taken up the MSME packages that we rolled out in 2018, and 23,363 have been trained on business management skills.

Year to date, we have disbursed Kshs. 4.3 Billion to MSMEs through our Mobile E-Credit solution. MSMEs are a critical part of economic recovery post-covid and contribute up to 16% of our total Loan Book.

Our unique model of retail banking services through Sacco FOSAs enabled us provide wholesale financial services to over 464 FOSA outlets.

Subsidiaries

Co-op Consultancy & Bancassurance Intermediary Ltd posted a Profit Before Tax of Kshs 316.9 Million as at 31st March 2022, riding on strong penetration of Bancassurance business.

Co-operative Bank of South Sudan that is a unique joint venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) returned a profit of Kshs 43.9 Million in Q12022 compared to a loss of Kshs 89.1 million in Q12021.

Co-op Trust Investment Services contributed Kshs. 53.7 Million in Profit Before Tax in Q12022, with Funds Under Management of Kshs. 190.2 Billion compared to Kshs. 128.4 Billion in March 2021.

Kingdom Bank Limited (A Niche MSME Bank) has contributed a Profit Before Tax of Kshs. 199.3 Million in Q12022 compared Kshs. 126.7 Million reported last year representing a 57% Growth year on year.

Long Term Financing: MSME, Sustainable Agriculture & Health sectors.

In 2020 the Group secured a long-term financing facility from the IFC (International Finance Corporation) amounting to Kshs. 8.25 Billion for on-lending at affordable terms to MSMEs involved notably in climate-smart projects, sustainable agricultural practices, and clean energy.

Partnered in the US$ 300 million IFC-led Africa Medical Equipment Facility and Philips (a leading health technology company) to support Africa’s health sector operators purchase essential medical equipment and strengthen their response to COVID-19 and other medical technology needs.

The Group secured a US$ 10 Million credit line in partnership with Eco.business Fund to finance Sustainable Agriculture.

Environmental Social and Governance (ESG)
The Bank has a dedicated ESG Unit that will see the enhancement of our ESG strategies as we take up emerging opportunities and manage ESG risks.

ESG remains a critical pillar of our strategic focus and the Group is determined to make positive contributions to the Economy, Society and Environment.

Co-operative Bank Foundation, a key social investment vehicle, has provided Scholarships to gifted but needy students from all regions of Kenya.

The sponsorship includes fully paid secondary education, full fees for University education, Internships, and career openings for beneficiaries.

The foundation is fully funded by the bank and has supported 8,368 students since the inception of the program.

Conclusion

The Co-operative Bank Group continues to execute a proactive mitigation strategy anchored on a strong enterprise risk management framework, to enable uninterrupted access to banking services.

We shall, riding on the unique synergies in the over 15 million-member co-operative movement that is the largest in Africa, continue to pursue strategic initiatives that focus on resilience and growth in the various sectors as the economy continues to recover.

Co-op Bank’s 2020 third-quarter Report: Kshs. 13.8 billion profit before tax

For the third quarter of 2020, the Co-operative Bank Group has reported a Ksh13.8 billion profit before tax.

This means a staggering Ksh1.7 billion difference compared to Ksh15.5 billion recorded in the third quarter of 2019.

In a press release from the bank, the 11% drop was attributed to increased Covid-19 related loan loss provisions.

Profit after tax was ksh9.8 billion compared to Ksh10.9 billion in the previous year which represented a 10% drop.

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

“We continue to serve 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 company explained.

The bank’s total assets grew by Ksh70 billion to Ksh510 billion compared to Ksh440.8 billion in the same period in 2019.

Net loans and advances books grew by Ksh15.4 billion from Ksh268.9 billion to 284.2 billion.

Investment in government securities grew by Ksh47.7 billion to Ksh142.3 billion in comparison to ksh94.6 billion in the previous year.

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

Borrowed funds from development partners decreased by Ksh3.6 billion to Ksh26.2 billion from Ksh29.7 billion in 2019.

Shareholders’ funds grew to Ksh82 billion from Ksh73.9 billion in 2019, enabling the bank to continue pitching for big-ticket deals.

Co-operative Bank’s latest acquisition, Kingdom Bank (previously Jamii Bora), is expected to break even in 2021, banking on its over 444,000 customers in 17 branches.

The Co-operative Bank Group has put in place a proactive mitigation strategy anchored on a strong enterprise risk management framework to enable uninterrupted access to banking services.

“We shall, riding on the unique synergies in the over 15 million-member co-operative movement that is the largest in Africa, continue to pursue a strategic initiative that focuses on resilience and growth in the new normal as the nation focuses on flattening the curve and as vibrancy returns to the economy,” Co-op Bank Group MD Gideon Muriuki concluded.

I&M, Co-op Bank top bank rating for first quarter 2020 – Cytonn Research

Kenya’s banking sector showed resilient performance despite the tough operating environment which was largely attributable to persistent revenue diversification. This is according to an analysis of the financial performance of listed banks done by the Cytonn Financial Services Research Team for the first quarter of this year.

The report has also carried out a comprehensive ranking of the listed banks on the basis of franchise value and also on future growth opportunity, with I&M Holdings and Coop bank score at 51 and 49, respectively.

KCB Group Plc and Equity Group follow closely with 56 and 60 respectively, on the franchise value score.

On the Q1’ 2020 ranking, there hasn’t been much shifting from the FY’ 2019 list with the leaders only slightly changing position. Co-op Bank shifts up a position to rank second, with a slight margin. FY’ 2019 leader, KCB Group has ceded two positions to rank third, albeit with an impressive franchise value score – 56.

The report also highlights other banking giants in successive order include DTBK at position 5, ABSA at position 6 with franchise value score of 67 and 62, respectively.

Stanbic Bank/Holdings, SCBK, NCBA Group Plc, HF Group Plc rank in that order to make the top ten financial institutions list.

Co-operative Bank of Kenya Ltd whose rank improved to Position 2 from Position 3 in FY’2019 mainly due to an improvement in the Gross NPL ratio to 10.8% in Q1’2020 from 11.2% in FY’2019, in turn, improving its franchise value score, and,Major Changes from the Q1’2020 Ranking are:

  • KCB Group whose rank declined to Position 3 from Position 1 in FY’2019 mainly due to a deterioration in the cost to income ratio to 61.1% in Q1’2020 from 56.2% in FY’2019 thus, in turn, worsening the franchise value score.

The report all the same highlights that banks reported a decline in the quality of their loan books, as a result of compliance with the new accounting rules known as IFRS 9, together with the cautious stance that banks have taken to mitigate the impact of the Covid-19 pandemic.

“Asset quality deteriorated in Q1’2020 with the gross NPL ratio increasing by 0.9% points to 11.3% from 10.4% in Q1’2019. This was high compared to the 5-year average of 8.5%. In accordance with IFRS 9, banks are expected to provide both for the incurred and expected credit losses. Consequently, this saw the NPL coverage increase to 57.4% in Q1’2020 from 54.5% in Q1’2019 as banks adopted a cautious stance on the back of the expected impact of the COVID-19 pandemic,” the Cytonn Report.

There are more banking report details on Cytonn Q1’2020 Listed Banking Sector Review