Co-operative Bank Group has posted KSh 3.59 billion net profit in the first three months of 2020. This is compared to KSh 3.6 billion at the end of March 2019.
These financial results reflect the heavy strain commercial banks are undergoing as customers struggle to meet their loan repayment obligations due to the disruptions caused by the COVID19 pandemic.
Net loans and advances to customers rose to KSh 276.2 Billion from KSh 251.6 Billion during the period under review.
The Group’s gross profit increased from KSh 5 Billion to KSh 5.2 Billion. Provisions for non-performing loans rose from KSh 501.5 Million in Q1 2019 to KSh 900 Million in Q1 2020.
Its Balance Sheet increased to KSh 470.4 Billion in the first quarter of this year compared to KSh 425.7 Billion in Q1, 2019, a growth of 10.5%.
The size of Co-operative Bank Non-performing loans increased significantly from KSh 29.7 Billion to KSh 31.8 Billion in the period under review.
Interest Income on loans disbursed to customers increased from KSh 7.2 Billion to KSh 7.6 Billion, resulting in total interest Income climbing to KSh 10.5 Billion from KSh 10 Billion.
Fees and Commissions earned on loans to customers rose from KSh 542 Million to KSh 617.8 Million.
Shareholders wealth, measured in terms of total Shareholders Equity, increased from KSh 72.8 Billion to KSh 82 Billion, an increase of KSh 9.2 Billion.