Co-operative Bank of Kenya on Thursday recorded Sh3.58 billion profit after tax for the first quarter of 2020.
This is this represents 0.2 per cent decrease in profit as compared to Sh3.59 billion profits recorded in the same period last year.
Total non-interest income increased to Sh4.9 billion from Sh4.1 billion while total operating income grew to SHh12.5 billion from Sh11.1 billion.
The balance sheet grew to Sh470.4 billion at the end of March 2020 up from Sh425.67 billion posted last year representing a 10.5 per cent growth.
Investment in Government securities grew by Sh11.9 billion, a growth of 11.5 per cent to Sh115.9 billion compared to Ksh103.9 billion in 2019.
Customers’ deposits grew by 6.9 percent from Ksh317.8 billion to Ksh339.6 billion. Borrowed Funds from development partners grew by Ksh3.7 billion (+15.5 percent) to Ksh27.4 billion compared to Ksh23.7 billion in 2019.
“Through our multi-channel strategy, the Bank has successfully moved almost 90% of all customer transactions to alternative delivery channels, an expanded 24-hour contact centre, mobile banking, 584 ATMs, internet and over 16,700 Co-op Kwa Jirani banking agents,” the lender said in a statement.
Shareholders’ funds grew to Ksh82.0 billion (+12.7%) from Ksh72.8 billion in 2019. This has enabled the bank to continue to pitch for big-ticket deals.
Key focus on digital banking, with the all-telco MCo-opCash Mobile Wallet continuing to play a pivotal role in the growth of non-funded income with 5.6 million customers registered and loans worth over Ksh16 billion disbursed in Quarter one of 2020.
