Cooperative Bank of Kenya Records 9.3 Billion Shillings Profit Before Tax
The Cooperative Bank of Kenya has posted a total of 9.3 billion shillings as profit before tax for the half year 2017. This is less than the 10.4 billion shillings recorded in 2016 at the same period with the lender attributing it to the tight operating environment that came as a result of the Interest capping law.
Profit after tax for the period was Kshs. 6.6 billion compared to Kshs. 7.4 billion the previous year.
The Group has put in place strategies intended at sustaining long-term profitability, with current challenges in the operating environment being mitigated by the benefits arising from the successful execution of the ‘Soaring Eagle’ Transformation project.
Total assets grew by Kshs 20 billion (+5.6%) to Kshs. 383.3 billion compared to Kshs 363 Billion in the same period last year. Net loans and advances book grew by Kshs 31.3 Billion (+14.2%) to Kshs. 252.6 billion compared to Kshs. 221.3 Billion in the same period last year.
Customer deposits grew by Kshs. 7.6 billion (+3%) to Kshs. 287.2 billion compared to Kshs. 279.6 billion in the same period last year. Shareholders’ funds grew from Kshs. 57.9 billion to Kshs. 64.5 billion, an impressive growth of 11.3%, supported by a steady growth in earnings and a dividend policy geared towards a progressive growth.