Co-operative Bank has posted a profit before tax of Sh. 15.2 billion for the nine months ended September this year.
This was an improvement of 25.2 per cent compared to the profits recorded in the same period in the 2015 financial year.
Profit after tax for the Group was Sh. 10.5 billion compared to Sh. 8.6 billion in the previous year, representing a 22.3 percent growth rate.
The bank had a 20 per cent growth in customers, while cash transactions grew by 75 per cent. On the other end, its loan book grew by 130 per cent.
The bank further revealed that its net loan book is of over Sh. 227 Billion overall protectiveness in credit management
According to the Co-op Bank CEO Gideon Muriuki, the bank also saw an increase in banking activities carried through alternative channels. “85 per cent of bank wide transactions are being done by our customers through alternative channels,” he said.
“Operational efficiencies resulting from the Transformation project have seen our cost-to-income ratio improve from a high of 53.2 percent in Dec 2015 to 47.1 percent in September 2016,” he added
