Co-operative Bank of Kenya has announced its Q3 results reporting 25.16% increase in profit before tax (PBT) and a 22.27% increase in profit after tax to Sh15.23Billion and 10.54 Billion respectively.
Total interest income rose by 24.6% to Sh 32.34 Billion driven by investments in government paper (60%) and loans to customers (19%) to Sh6.67 billion and Sh 25 billion respectively. Total interest expense rose 15.85% to Sh 9.93 billion as customer deposits increased by 19.86% to Sh 9.13 billion.
The Bank’s total operating expenses grew 17.6% to Sh17 billion.
Its total rose 6.35% to Sh 354. billion driven by loans and advances to customers which grew by 6.9% to Sh227 billion. Customer deposits grew by 1.68% to Sh 257.8 Billion.
Management Comments
The Bank’s CEO Mr Gideon Muriuki noted that they forecast the full year gross profits to grow by 22% as they continue to implement their turnaround strategy dubbed “‘Soaring Eagle Plan”. He said that the bank currently has about 6.1 million customers and most of their transactions had been moved to alternative channels leading to impressive channel optimisation.
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