Tuesday, October 3, 2023
Star Today Logo
  • Home
  • News
  • Business
  • Politics
  • Investigation
  • Health
  • Opinion
No Result
View All Result
Star Today Logo
Home Business

Co-operative Bank ranked second emerging top in franchise ranking

June 16, 2020
in Business, News
Reading Time: 1 min read
Co-op Bank stock projected to hit target price of Sh21.40 in near future
17
SHARES
Share on FacebookShare on TwitterShare on Whatsapp

Co-operative Bank of Kenya has been ranked second emerging top in franchise ranking due to high efficiency levels as evidenced by a low Cost to Income ratio which came in at 58.1 per cent vs an industry average of 61.4 per cent.

According to the latest banking Q1 2020 report by Cytonn Investment themed “Deteriorating Asset Quality amid the COVID-19 Operating Environment”, said  Co-op 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.

Readers' Choice

Co-op Bank overtakes KCB as 2nd most valuable lender at NSE

Co-op Bank flies its MSME customers to Vietnam, Malaysia

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

Co-op bank’s profit before tax increased by 3.7% to 3.7 bn from Kshs 3.6 bn in Q1’2019. Profit after tax declined marginally by 0.3% to Kshs 3.59 bn Q1’2020, from Kshs 3.60 bn in Q1’2019 with the effective tax rate increasing to 29.9% from 29.6% in Q1’2019.

Bank’s total operating income increased by 12.5% to Kshs 12.5 bn in Q1’2019, from Kshs 11.1 in Q1’2019. This was due to a 19.0% increase in Non-Interest Income to Kshs 5.0 bn from Kshs 4.2 bn in Q1’2019, coupled with an 8.5% growth in Net Interest Income (NII) to Kshs 7.5 bn from Kshs 6.9 bn in Q1’2019.

 

Tags: cO-OPERATIVE bankCYTTON iNVESTMENT
ShareTweetSend
Previous Post

Kenyan officers ‘to be charged over curfew killings’

Next Post

Uhuru and Raila in dilemma over Waiguru woes

Related Posts

HomeBoyz shares go live at NSE

Co-op Bank overtakes KCB as 2nd most valuable lender at NSE

September 30, 2023
Co-op Bank flies its MSME customers to Vietnam, Malaysia

Co-op Bank flies its MSME customers to Vietnam, Malaysia

September 29, 2023
Next Post
Uhuru and Raila in dilemma over Waiguru woes

Uhuru and Raila in dilemma over Waiguru woes

Leave a Reply

Your email address will not be published.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

Continue Reading

HomeBoyz shares go live at NSE

Co-op Bank overtakes KCB as 2nd most valuable lender at NSE

by Star Today
September 30, 2023

Co-operative Bank of Kenya has overtaken KCB Group to become the second most valuable lender on the Nairobi Securities Exchange...

Co-op Bank flies its MSME customers to Vietnam, Malaysia

Co-op Bank flies its MSME customers to Vietnam, Malaysia

by Star Today
September 29, 2023

Co-operative Bank of Kenya on September 28 sponsored tens of its Micro, Small and Medium-sized Enterprises (MSMEs) customers to Vietnam...

Governors failed to spend Sh62.5bn set aside for development – report

Governors failed to spend Sh62.5bn set aside for development – report

by Star Today
September 27, 2023

The latest report by the Controller of Budget has depicted how county governments have failed to spend billions of shillings...

Co-op Bank receives Sh14.15bn to lend to MSMEs

Co-op Bank named SME Financier of the Year in Africa

by Star Today
September 20, 2023

The Co-operative Bank of Kenya has been named SME Financier of the Year in Africa by the International Finance Corporation at...

Recent News

  • Co-op Bank overtakes KCB as 2nd most valuable lender at NSE
  • Co-op Bank flies its MSME customers to Vietnam, Malaysia
  • Governors failed to spend Sh62.5bn set aside for development – report

Category

  • Business
  • Health
  • Investigation
  • News
  • Opinion
  • Politics
  • Star Today

© 2023

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

© 2023