Co-operative Bank has been on a profit growth since year 2008 when it was listed on the Nairobi Securities Exchange with a full year net profit of Sh.2.3 billion. At the time, its dividend pay was Sh. 0.10 per share compared to today’s Sh. 0.80 per share.
Today, Bizna takes a look at Co-op bank’s profit growth since 2010.
2010: The bank announced a 55 percent growth in its net profit recording Sh4.59 billion in its 2010 full year results.. The pre-tax profit rose to Sh5.77 billion from the previous year’s Sh3.74 billion, buoyed by accelerated growth in loans and customer deposits. The bank’s board of directors recommended a 100 per cent growth in dividend payout, boosting the shareholders’ earnings from 20 cents per share to 40 cents per share during the period.
2011: The bank reported a 17 percent jump in profit after tax to Sh5.36 billion for the year ended December 2011, buoyed by an impressive growth in customer numbers. During this year, account holders grew by 44 percent to 2.3 million with the total deposits increasing from Sh123.9 billion over the corresponding period in 2010 to Sh142.6 billion.
2012: Co-op bank posted a Sh. 7.6 billion profit in the year 2012. During this year, the bank’s deposits were at Sh. 8.6 billion in 2012 while its loan book stood at Sh. 119.1 billion.
2013: This financial saw an 18 per cent increase in profitability to Sh.9.1 billion in 2013 compared to Sh7.7 billion a year earlier as net interest income grew by a fifth to Sh18.6 billion. The lender paid out a dividend of Sh0.50 and a share bonus issue of one-for-six.
2014: In 2014, Co-op bank posted a 12 per cent dip in full year profits. The bank reported a drop to Sh8 billion from Sh9.1 billion earned in the previous year. This was largely attributed to a one-off staff redundancy cost and the move to a higher corporate tax bracket. It paid out a dividend of Sh. 0.50 per share.
2015: In 2015, Co-op Bank recorded a net profit of Sh. 11.7 billion. This was a 46 per cent jump in profitability that was aided by increased lending and cost cutting. The bank paid an increased dividend payout to Sh0.80 per share up from Sh0.50 the previous year.
