(Last Updated On: June 2, 2016)
Kenya’s 3rd largest bank, Co-op Bank reported a 10% rise in profit before tax for the first 3 months of the year 2016. Profit before tax stood at ksh4.9bn while after tax profit stood at Ksh3.44bn. This was mainly driven by cost cutting and efficiency in the bank.
Net interest income grew by 16% to stand at Ksh6.8bn while non funded income stood at Ksh3.5bn leading to the total income growing by 18% to stand at 10.3bn.
The bank’s loan book was able to grow by 16.1% to stand at Ksh213.7bn while the income from government securities increased by 53.9%. Total deposits hit Ksh267.4bn after a growth of 12.4%.
Co-op bank South Sudan made a net profit of just Ksh11.5m from its 4 branches.
Co-operative bank now has around 6 million account holders and 144 branches all over Kenya. It is planning to secure a long term debt of around $337.39m.