Co-op Bank of Kenya Group Profit After Tax(PAT) increased to KSh 16.5 Billion for the financial year ended 31st December 2021 compared to KSh 10.8 Billion over a similar period in 2020.
The lender’s Pre-Tax Profit increased to KSh 22.6 Billion in 2021 compared to KSh 14.3 Billion in 2020.
As shown by Earnings per Share(EPS), Co-op Bank of Kenya Group’s profitability increased to KSh 2.85 from KSh 1.98 in 2020, while its balance sheet size increased to KSh 579.8 Billion in 2021 from KSh 536.9 Billion in 2020.
” The Co-op Bank Group continues to execute a proactive growth strategy anchored on a strong enterprise risk management framework and deepening of our market dominance,” said Dr Gideon Muriuki, Co-op Bank of Kenya Group CEO and Managing Director
Net loans and advances to customers of Co-op Bank of Kenya Group increased to KSh 310.2 billion in 2021 from KSh 286.6 billion in 2020, while customer deposits increased to KSh 407.7 Billion in 2021 from KSh 378.6 billion in 2020. Co-op Bank of Kenya Group Board of Directors has recommended a dividend payment of KSh 1 per share or KSh 5.9 billion, subject to approval by shareholders at the next AGM ON 29th May 2022.
Total Interest income from loans and advances, government securities, deposits with other financial institutions and other interest income increased to KSh 55.6 billion in 2021 from KSh 48.8 billion in 2020. Total non-interest income also rose to KSh 19.4 billion in 2021 from KSh 17.5 billion in 2020
Fees and Commissions on loans and advances increased to KSh 5.4 billion in 2021 from KSh 5.1 billion in 2020.
Gross non-performing loans and advances of CO-OP Bank Group declined to KSh 49.7 billion in 2021 from KSh 59.1 billion in 2020, indicating an improvement in the lending environment.
The Co-operative Bank of Kenya Limited does the business of banking and is listed at the Nairobi Securities Exchange(NSE).
The lender was listed on December 22nd 2008.
Shares previously held by the 3,805 Co-operative Societies and unions were ring-fenced under CoopHoldings Co-operative Society Limited, which became the strategic investor in the Bank with a 64.56% stake.
The Bank runs three subsidiary companies, Kingdom Securities Limited- a stockbroking firm with the Bank holding a controlling 60% stake; Co-opTrust Investment Services Limited- the fund management subsidiary wholly-owned by the Bank and Co-op Consultancy & Insurance Agency Limited (CCIA)- the corporate finance, financial advisory and capacity-building subsidiary wholly-owned by the Bank.
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