Thursday, September 21, 2023
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

April 23, 2020
in Business, News
Reading Time: 1 min read
Co-op Bank stock projected to hit target price of Sh21.40 in near future
0
SHARES
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.

“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.

Readers' Choice

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

Two foreigners lose Sh132m in a Mombasa Hotel

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 receives Sh14.15bn to lend to MSMEs

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

September 20, 2023
Mason dies after falling from 10th floor in Pangani

Two foreigners lose Sh132m in a Mombasa Hotel

September 20, 2023
Next Post
Covid-19: Kenya reports 336 cases – VIDEO

Covid-19: Kenya reports 336 cases - VIDEO

Leave a Reply

Your email address will not be published.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

Continue Reading

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...

Mason dies after falling from 10th floor in Pangani

Two foreigners lose Sh132m in a Mombasa Hotel

by Star Today
September 20, 2023

Police in Mombasa are investigating an incident where electronics belonging to two foreigners went missing in a hotel room where...

Co-op Bank records 47% jump in Q3 net profit

Gideon Muriuki restores his 2% stake at Co-op Bank

by Star Today
September 13, 2023

Co-operative Bank of Kenya’s chief executive, Gideon Muriuki, bought 14.6 million shares of the lender currently worth Sh173 million in...

Old Mutual turns to one-stop financial solutions model to grow clientele

Old Mutual turns to one-stop financial solutions model to grow clientele

by Star Today
September 13, 2023

 Old Mutual Kenya (OMK) has opened a second full-suite branch in the coastal city of Mombasa, as part of a...

Recent News

  • Co-op Bank named SME Financier of the Year in Africa
  • Two foreigners lose Sh132m in a Mombasa Hotel
  • Gideon Muriuki restores his 2% stake at Co-op Bank

Category

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

© 2023

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

© 2023