Cooperative Bank of Kenya’s net profit for the first three months of the year has grown to Sh. 3.4 billion compared to Sh. 3.2 billion in the previous year.
This has followed a 9 percent growth in its pre-tax profit which rose to Sh. 4.9 billion in the period under review compared to Sh.4.5 billion recorded in 2017.
The bank attributes the growth to its “Soaring Eagle” transformation project that it has been implementing since 2014 with a clear focus on improvement in operating efficiencies, sales force effectiveness and innovative customer delivery platforms.
“This is a very commendable performance as the operating environment gradually recovers from the significant headwinds that business had to contend with in year 2017,” said Gideon Muriuki, Group CEO
During the period under review, the bank’s total interest income improved by 9 percent from Sh9.5 billion to Sh10.4 billion on account of; Interest income from government securities increasing by 13.4 percent from Sh1.76 billion to Sh2 billion and Interest income from loans and advances increasing by 9 percent supported by a 3 percent growth in loans and advances and improved yield of loans of 13.4 percent.
Co-operative Bank of South Sudan that is a unique Joint Venture partnership with Government of South Sudan made a Profit before tax of Sh32.4 Million in Quarter 1 of 2018 compared to a loss of Sh34.7 Million same period last year.
Key focus on digital banking, with the all-telco Mco-op Cash Mobile Wallet continuing to play a pivotal role in the growth of non-funded income with over 3.7 Million customers registered.