BY KORIR JUMA,NAIROBI,24TH MAY 2018- Co-operative Bank has released its results for first quarter of 2018, recording a profit before tax of Sh4.9 billion which represents a 9 per cent rise, on the back of strong growth in earning assets and cost control.
‘According to the results released in Nairobi on Thursday,Customer numbers continue to grow, now standing at 7.2 million.
The bank closed the quarter with a good capital base, with adjusted total capital against total risk-weighted assets standing at 17.3%, which is 2.8% above the statutory minimum of 14.5.
Total assets approaching Ksh 400 billion mark, now standing at Kshs. 397.8 billion.
The bank continues lending to customers, with Net loans and advances growing by Kshs 6.97 billion to Kshs 252.8 billion.Total operating income grew by 8.4% to Kshs 10.9 billion.
Customer deposits continue to grow, to stand at just under Kshs 300 billion.
Up to 87% of all customer transactions now being done at alternative delivery channels.
The bank’s Mco-op Cash mobile wallet continues to be popular, with over 3.7 Million customers registered, and growing.
The bank’s partnership with Saccos has enabled it to serve customers through over 560 FOSA outlets, and issue over 1 million Sacco-Link cards.
Co-operative Bank of South Sudan has also turned around and made a profit before tax of Kshs 32.4 Million compared to a loss of Kshs 34.7 Million in Quarter 1 of 2017.
The Bank through the Co-op Bank Foundation continues to offer full education scholarships to gifted but needy students throughout Kenya, and has so far supported 6,303 students since the inception of the program in 2007