Through its multi-channel strategy, Co-Op Bank has successfully moved 90 percent of all customer transactions to alternative delivery channels that include mobile banking, an expanded 24-hour contact centre, 586 ATMs, internet banking and over 16,000 Co-op Kwa Jirani banking agents.
Speaking to investors, Co-Op Bank CEO Dr. Gideon Muriuki said, “ We 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.”
Co-operative Bank Group recorded a marginal increase in Q3 net earnings from KSh 10.3 billion to KSh 10.9 billion at the end of nine months period of this financial year.
The lender has reported a pre-tax profit of KSh 15.45 billion for the third quarter of 2019 compared to KSh 14.64 billion recorded in third-quarter of 2018, a strong growth of 6% against the backdrop of a challenging economic environment in the period.
Co-Op Bank’s balance sheet size grew by KSh 36.6 billion, an increase of 9 percent, to KSh 440.8 billion compared to KSh 404.2 billion in the same period last year.
Net loans and advances book grew by 6 percent, from KSh 254.2 billion to KSh 268.9 billion. Investment in Government securities grew by 13.7 per cent to KSh. 94.6 billion compared to KSh. 83.2 billion in the third quarter of 2018.
Co-Op Bank has four subsidiaries- Kingdom Securities Ltd, Co-optrust Investment Services Limited, Co-operative Consultancy Services (K) Limited and Co-operative Bank of South Sudan.
The Bank also owns a 24.8 percent stake in CIC Insurance Group. Co-op bank operates 152 branches in Kenya, 4 in South Sudan, 586 ATMs and over 16,000 Co-op Kwa Jirani agency banking outlets supporting a growing client base now standing at 8.7 million account-holders.
