Co-op Bank Group is pleased to report a Profit Before Tax of Kshs. 16.5 Billion for the third quarter of 2021, a commendable 20% growth compared to Kshs. 13.8 billion recorded in the third quarter of 2020. This represents a strong Profit After Tax of Kshs. 11.6 billion compared to Kshs. 9.8 billion was reported in the third quarter of 2020.
The strong performance by the Bank exceeds the pre-pandemic performance and is in line with the Group’s strategic focus that supports growth, resilience, and agility.
Co-op Bank named best bank in Kenya
Key highlights; – 1. Financial Position; The Group has registered sustained growth as
hereunder;
- Total Assets grew by Kshs 82 Billion (+16%) to Kshs. 592.9 Billion compared to Kshs 510.9 Billion in the same period last year.
- Net loans and advances book grew by Kshs 22.1 Billion (+7.8%) from
Kshs.284.2 Billion to Kshs. 306.3 Billion.
- Customer deposits grew by 12% from Kshs. 375.5 Billion to Kshs 420.4
Billion.
- Borrowed funds grew by Kshs. 17.7 Billion (+67.6%) to Kshs 43.8 Billion from Kshs.26.2 Billion in 2020.
- Shareholders’ funds grew to Kshs. 95 Billion (+16%) from Kshs. 82.0 Billion in 2020 enabling us to continue pitching for big-ticket deals.
- 2. Comprehensive Income
- Total operating income grew by 19.2% from Kshs 37.2 Billion to Kshs 44.4
Billion.
- Total non-interest income grew by 15.6% from Kshs 13.6 Billion to Kshs
15.7 Billion.
- Net interest income grew by 21.3% from Kshs 23.6 Billion to Kshs 28.7
Billion.