CO-OP Bank Recorded Shs15.4 Billion Profit in Third Quarter 2019
The Co-operative Bank Group hit a Profit before Tax of Kshs.15.45 Billion for the third quarter of 2019 in comparison to Shs. 14.64 Billion recorded in third quarter 2018, rising from 6% growth against the backdrop of a challenging economic environment in the period. Profit after tax was Shs.10.9 Billion compared to Shs 10.3 Billion in the previous year.
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The Group has continued with a strategy for continued deepening and dominance in their domain market segment leveraging on our successful penetration of the Retail and Consumer Banking, Micro, Medium and Small Enterprises, Corporate Banking and the Co-operative Movement,while reviewing opportunities to grow alternative income streams from other services like Bancassurance, and Leasing business being done through Co-op Bank Fleet Africa Leasing Ltd, a strategic joint venture with Super Group of South Africa.
“Key focus on digital banking, with the all-telco Mco-op Cash Mobile Wallet, continued to play a pivotal role in the growth of non-funded income with over 4.7 million customers registered and loans worth over Sh27.6 billion disbursed as at the close of quarter three 2019,” said Co-op Bank Group Chief Executive Gideon Muriuki in a statement.
The Bank increased its third quarter result due to its focus on mobile banking and other alternative channels that enabled it to tame costs associated with traditional banking while creating new revenue streams.
“The Bank will continue to deliver good performance as we focus on the growing the 8.7 million account-holder base, digital banking, the basket of innovative financial solutions, efficient delivery of services and multichannel access to retain market position and deliver business growth and profitability in the days ahead.”Said Muriuki.
The Bank was named Overalt Winner in the Environmental Sustainability Reporting category during the the 2019 East African Financial Reporting (FiRe) Awards,a re-affirmation of the bank’s sustained commitment to banking practices that are prudent to avoid putting the interests of future generations in jeopardy.
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