Co-operative Bank of Kenya recorded a net profit of KSh 10.8 Billion at the end of the financial year ended 31st December 2020.
This is compared to a KSh 14.3 Billion net earnings over a similar period in 2019, a 25% fall.
The lender’s provisions for bad loans increased significantly to KSh 8.1 Billion from KSh 2.5 Billion in 2019. The Group’s balance sheet size grew to KSh 536.9 Billion in 2020 compared to KSh 457 Billion the previous year.
Net loans to customers grew to KSh 286.6 Billion from KSh 266.7 Billion during the period under consideration.
Co-operative Bank deposits, income, fees and commission
Customer deposits at co-operative Bank increased to KSh 378.6 Billion in 2020 from KSh 332.8 Billion in 2019, while total shareholders’ funds increased to KSh 90.7 Billion from KSh 79.3 Billion in 2019. The lender’s interest income from loans to customers stood at KSh 33.5 Billion in 2020 from KSh 31.8 Billion in 2019.
Co-operative Bank’s total Interest Income from loans, government securities, deposits with other banks, and other interest income was KSh 48.8 Billion from KSh 43.6 Billion in 2019.
The lender’s total operating income was KSh 53.8 Billion in 2020 from KSh 48.5 Billion in 2019, with gross non-performing loans stood at KSh 59.1 Billion in 2020 from KSh 31.6 Billion in 2019.
Net Non-Performing Loans exposure for the lender rose to KSh 5.8 Billion from nil in 2019.
The lender’s directors have recommended payment of KSh 1.00 per share to be paid on or about 14th April 2021 top shareholders on the bank register at the close of business on 31st March 2021.
The lender’s shareholder register will remain closed on 13th April 2021 for the preparation of dividend warrants.
A virtual AGM will be held in the year as per a separate notice to be issued.