Co-operative Bank of Kenya has risen to the second best bank in Kenya in the full year 2016 ranking of Kenyan banks by investment firm Cytonn Investments.
Co-operative Bank scored a total franchise value of 59, a total return of 3 and weighted score of 25.4.
The bank was also ranked among banks that recorded positive growth in the year after recording earning per share growth of 8.3 per cent.
In the same financial year, Co-operative Bank saw growth in deposits by 2 per cent, which was accompanied by a growth in loan book of 11 per cent.
The bank had a loan to deposit ratio of 91.1 Â per cent with a net interest margin of 9 per cent. Its exposure t government securities stood at 23.8 per cent.
During the year, Co-operative Bank recorded a profit jump of 8.2 per cent to Sh. 12.6 billion compared to the Sh. 11.7 billion net profit posted the previous year.
Co-op is due to offer a bonus share to its shareholders at the rate of one for every five ordinary shares held, with the new shares expected to be credited on June 30
A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve 6.2 million Account-holders across all sectors supported by our multichannel strategy that includes 148 Branches, over 8,000 Co-op Kwa Jirani Banking Agents and over 580 ATMs.
Kenya currently has a total of 40 commercial banks down from 42 following the acquisition of Giro Commercial Bank and the planned acquisition of Habib Bank by the Diamond Trust Bank.
In addition, there is on mortgage finance firm, 12 micro-finance banks, 8 representative offices of foreign banks, 86 foreign exchange bureaus, 14 money remittance providers and 3 credit reference bureaus.
The report showed that National Bank of Kenya is the poorest performing local bank and was ranked lowest in both franchise and intrinsic value score.