Cooperative Bank of Kenya (Stock; Coop) has reported its Half Year 2017 results with after tax profit declining by 10.4% to Sh 6.64 Billion. The bank said the drop was as a result of a “tight operating environment especially with the capping of interest rates, general economic slowdown in an election year, currency devaluation and hyperinflation in South Sudan”
Major Highlights
- Total interest income declined by 10.3% to Sh 19.26 Billion while net interest income also fell by 7.2% to Sh 13.4Billion. Total non-interest income increased by 3% to Sh 7.1 Billion.
- Total operating income grew by 3.7% to Sh 20.5 Billion.
- The Bank increased its holdings in Govt paper by 14.3% to Sh 47.6 Billion from Sh 41.67 Billion as of June 2016.
- Net Loans and advances to customers expanded by +14% to Sh 25 Billion from Sh 221.3 Billion reported in the same period last year.
- Customer deposits grew slightly by 2.7% to Sh 285.75 Billion while total shareholder funds increased by 11.3% to Sh 64.5 Billion.
- Loan loss provision was up by 15.2% to Sh 1.5 Billion as other operating expenses increased by 3.5% to Sh 11.35 Billion.
- The bank said the number of account holders were at 6.53 Million with approximately 8,000 Banking Agents, 580 ATMs and 3.33 Million customers on their mobile banking platform.
