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Wednesday, May 27, 2020

Co-op Bank posts Sh. 5.1 billion profit in first quarter of 2020

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Co-op Bank First Quarter 2020: The Co-operative Bank has posted a profit after tax of Sh. 3.6 billion in the first quarter of the current 2020 financial year. This profit came even as profit before tax stood at Sh. 5.1 billion in the first quarter, same as the profit before tax that the bank recorded in the same period the previous year. This achievement came amidst the impact of the coronavirus pandemic that has seen most businesses in the country report shrinking revenue flows.

“We have put in place a comprehensive mitigation strategy intended to ensure full banking services continue being accessible to customers in a safe environment consistent with the Ministry of Health guidelines,” said Dr. Gideon Muriuki, the Group chief executive officer in a statement.

How Co-op Bank can support your business in wake of corona pandemic

During the period under review, total operating income grew by 12.5 per cent from Sh. 11.1 billion to Sh. 12.5 billion.  The bank saw net interest income rise by 8.5 per cent to Sh. 7.5 billion from Sh. 6.9 billion while total non-interest income increased by 19 per cent from Sh. 4.2 billion to Sh. 5 billion.

Co-op Bank’s investment in government securities grew by Sh. 11.9 billion to Sh. 115.9 billion from the Sh. 103.9 billion recorded in the same period the previous year.  At the same time, customer’s deposits grew by 6.9 per cent from Sh. 317.8 billion to Sh. 339.6 billion.  Total assets increased by Sh. 44.7 billion to hit Sh. 470.4 billion from Sh. 425.7 billion that was recorded in the first quarter of 2019.

According to Dr. Muriuki, the bank has successfully moved nearly ninety per cent of all customer transactions to alternative delivery channels. “This has been possible through our multi-channel strategy that has seen an expanded 24-hour contact centre, mobile banking, 584 ATMs, internet banking, and over 16,700 Co-op Kwa Jirani banking agents,” he said in the Co-op Bank first quarter 2020 financial results.

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