Wednesday 18 May 2016

Co-operative Bank Group post Sh3.44 billion net profit in Q1 of 2016

Co-operative Bank Group has posted a Sh3.44 billion net profit in Q1 of 2016 which represent an 8 percent growth rate.

This was attributed to growth in the loan book that supported a 25 percent rise in interest income from loans to stand at Sh8.3 billion compared to Sh6.7 billion recorded in the same period in 2015.

Net loans and advances grew by 16 percent to Sh213.7 billion compared to Sh184.1 billion in the same period in 2015 while deposits hit Sh267.4 billion from Sh238 billion last year,which represent a 12 percent increase.

Shareholders’ funds stood at Sh55.3billion, a growth of 17 percent compared to last year with total assets at 350.7 billion.

The group has six million account holders across all sectors with 144 branches, 8,765 Co-op Kwa Jirani Banking Agents and over 570 ATMs.

This was as a result of transformation dubbed 'The Soaring Eagle' that started in December 2014 which intended to re-tool and re-energize the business for increased competitive advantage in Kenya's financial sector

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1 comment:

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