Tuesday, May 23, 2023
  • About
  • Advertise
  • Careers
  • Contact
Star Today Logo
  • Home
  • News
  • Business
  • Politics
  • Investigation
  • Health
  • Opinion
No Result
View All Result
Star Today Logo
Home Business

Co-operative ranked 3rd most attractive bank in Kenya

by Star Today
April 23, 2020
in Business, News
1 min read
Co-op Bank stock projected to hit target price of Sh21.40 in near future
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Co-operative Bank of Kenya has been ranked as the third most attractive bank out of 38 commercial banks operating in the country.

Cytonn 2019 Banking Sector Report showed the bank’s asset quality improved, with the NPL ratio reducing marginally to 11.2% in FY’2019, from 11.3% in FY’2018 owing to faster growth in gross loans by 9.1% outpacing the 7.5% growth in gross non-performing loans.

Readers' Choice

Co-op Bank announces open vacancies

Co-op Bank announces open vacancies

May 22, 2023
Gachagua chairs first Cabinet meeting at Karen residence

Gachagua chairs first Cabinet meeting at Karen residence

May 22, 2023

“This is attributed to the implementation of credit management strategies implemented since the beginning of the year,” the report, themed “Increased Consolidation in the Banking Sector” said.

The bank’s balance sheet recorded an expansion as total assets grew by 10.5 per cent to Sh457.0 billion, from Sh413.4 billion in Fiscal Year 2018.

“Profit before tax increased by 14.0% to Sh20.7 billion, up from Sh18.2 billion in Fiscal Year 2018. Profit after tax grew by 12.4 per cent to Sh14.3 billion in Fiscal Year 2019, from Sh12.7 billion in Fiscal Year 2018 with the effective tax rate declining to 31.6 per cent from 32.7 per cent in Fiscal Year 2018.

“Business model restructuring, the banks’ has continued implementation of “Soaring Eagle” transformation initiatives is expected to drive growth and increase efficiency.

“The initiatives are set on the following eight key pillars; branch transformation, MSME transformation, sales force effectiveness, shared services and digitization, NPL management and credit processes, cost management, data analytics, and staff productivity.

We expect the initiatives to culminate into improved revenue levels,” the report said.

Tags: Cooperative BankCytonn 2019 Banking Sector Report
ShareTweetSend
Previous Post

Inside tough wars at Safaricom after Peter Ndegwa entry

Next Post

Covid-19: Kenya reports 336 cases – VIDEO

Related Posts

Co-op Bank announces open vacancies
News

Co-op Bank announces open vacancies

May 22, 2023
Gachagua chairs first Cabinet meeting at Karen residence
News

Gachagua chairs first Cabinet meeting at Karen residence

May 22, 2023
Shakahola inquiry: Ruto’s commission to know fate next week
News

Shakahola inquiry: Ruto’s commission to know fate next week

May 22, 2023
Next Post
Covid-19: Kenya reports 336 cases – VIDEO

Covid-19: Kenya reports 336 cases - VIDEO

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

ADVERTISEMENT

NEWS BRIEFS

Co-op Bank announces open vacancies

Co-op Bank announces open vacancies

May 22, 2023
Gachagua chairs first Cabinet meeting at Karen residence

Gachagua chairs first Cabinet meeting at Karen residence

May 22, 2023
Shakahola inquiry: Ruto’s commission to know fate next week

Shakahola inquiry: Ruto’s commission to know fate next week

May 22, 2023
Co-op Bank, IFC partner in health equipment funding

Co-op Bank’s net profit grows to Sh6.1b in first quarter

May 19, 2023
Assistant chief arrested in Samburu over banditry involvement

Assistant chief arrested in Samburu over banditry involvement

May 19, 2023

About Star Today

Star Today gives you the latest news stories written by local journalists for the ordinary Kenyan.

Recent News

  • Co-op Bank announces open vacancies
  • Gachagua chairs first Cabinet meeting at Karen residence
  • Shakahola inquiry: Ruto’s commission to know fate next week

Category

  • Business
  • Health
  • Investigation
  • News
  • Opinion
  • Politics

Recent News

Co-op Bank announces open vacancies

Co-op Bank announces open vacancies

May 22, 2023
Gachagua chairs first Cabinet meeting at Karen residence

Gachagua chairs first Cabinet meeting at Karen residence

May 22, 2023
  • About
  • Advertise
  • Careers
  • Contact

© 2020 | Star Today

No Result
View All Result
  • Home
  • News
  • Business
  • Politics
  • Investigation
  • Health
  • Opinion

© 2020 | Star Today