Coop Bank Assets: The Co-operative Bank has reclaimed its position as Kenya’s third largest bank in assets. This follows an impressive full year financial performance that saw the bank score assets worth Sh. 536.9 billion.
The bank beat the NCBA Bank which had taken the third position following the merger of the NIC and CBA Banks. NCBA Bank is now ranked fourth with Sh. 527.9 billion assets.
The first position is occupied by equity bank with Sh. 1 trillion assets followed by KCB Bank with Sh. 987.8 billion assets.
The bank’s assets were all set for a boost after the acquisition of Jamii Bora Bank which has now been renamed Kingdom Bank. Co-op Bank acquired a 90 per cent stake in Jamii Bora at a cost of Sh. 1 billion. This acquisition brought on board assets worth Sh. 30 billion. Co-op Bank completed this acquisition in August last year.
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Apart from being the third largest bank locally, Co-op Bank Group is one of the largest banks in the region and is pre-dominantly owned by the over 15 million member Kenya Co-operative movement.
Its subsidiaries include The Co-operative Bank of Kenya Limited, 100 per cent of Co-optrust Investment Services Limited, 100 per cent of Co-op Consultancy & Insurance Agency Limited, 60 per cent of Kingdom Securities Limited and 51 per cent of Co-operative Bank of South Sudan Limited. Its associates are CIC Insurance Group (24.7 per cent) and Co-op Bank Fleet Africa Leasing Limited (25 per cent).
The bank’s shareholders are set for a Sh. 5.86 billion dividend following an impressive full year financial performance for the period ended December 31. In the financial year, the bank posted Sh. 10.81 billion net profit for the full year ended December 31. The profit, coming in following an economically subdued financial year, came in as the bank continued to extend financial support to its customers who have been affected by the ongoing coronavirus pandemic.
According to the bank’s chief executive officer Gideon Muriuki, Co-op has so far restructured loans worth Sh. 49 billion. “We continue to actively engage our customers to support them through this period, by re-aligning the servicing of facilities, funding and transactional needs as the situation unfolds,” he said.