Commercial banks in Kenya have been spreading their roots across the local market and through the Eastern Africa region. This is being done through subsidiaries and the establishment of new branches and financials solutions. One of the top banks that have been setting the pace in this expansion is the Co-operative Bank through its Co-op Bank’s subsidiaries.
These subsidiaries include the Co-op Consultancy & Bancassurance Intermediary, the Co-op Trust Investment Services, the Kingdom Bank and the Co-op Bank South Sudan.
It is these subsidiaries together with their mother bank that saw the Co-op Bank Group has posted nearly Sh. 6 billion growth in net profit.
This was after the bank realized a 59 per cent growth in its profit before tax to Sh. 22.6 billion from Sh. 14.4 billion for the full year ended December 31, 2021.
This saw the bank’s net profit grow from Sh. 10.8 billion to Sh. 16.5 billion in the year under review.
In the last full financial year, the Co-op Consultancy & Bancassurance Intermediary posted a Profit Before Tax of Sh. 803.9 million, riding on strong penetration of Bancassurance business.
In the same year, the Co-op Trust Investment Services contributed Sh. 140.4 million in Profit Before Tax, with funds under management of Sh. 189.2 billion compared to funds under management of Sh. 127.5 billion that were reported in December 2020.
At the same time, Kingdom Bank Limited (formerly known as Jamii Bora Bank) contributed a Profit Before Tax of Sh. 512.4 million. This marked the first time that Kingdom was posting a net profit over the last five years.
The Co-operative Bank South Sudan Limited has also been a strategic subsidiary for the bank. This is a commercial Bank whose aim is to bring about economic empowerment to the people of South Sudan.
This subsidiary is keen on the establishment and growth of a strong Co-operative movement in every sector of the economy.
The bank offers innovative conventional banking services to Co-operatives, SMEs, Microfinance, International Organizations, Institutions, Corporates, Individuals, Government Ministries and Quasi Government Agencies, private and public sector customers with full range of banking services for positive impact of the economy.
Co-op Bank posts best performance ever with Sh. 16bn net profit
Co-operative Bank of South Sudan (COBSS) has been established as a strategic joint venture between the Government of the Republic of South Sudan (RSS) on behalf of the co-operative movement in South Sudan and Co-operative Bank of Kenya (COPK).