Coop Bank posts 4.4% rise in Q1 Profit after Tax

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Co-operative bank of Kenya’s profit after tax grew by 4.4% to Ksh3.6 Billion in the first Quarter of 2019 compared to a similar period in 2018. Non-interest revenue went up by 19.1% to Ksh4.2 Billion while the net interest income dropped by 6.5% to Ksh6.9 Billion.

Key Highlights.

• •Total assets increased by 7% to Ksh425.7 Billion
• •Provisions decreased by 34.3% to Ksh0.5 Billion
• •Investment in government securities went up by 35.9% to Ksh106.1 Billion
• •Net loans went down by 0.5% to Ksh251.6 Billion
• •Deposits increased by 7.4% to Ksh317.8 Billion

Speaking at the 11th AGM held on 23rd May, the Group’s CEO and MD, Dr. Gideon Muriuki stated that the year 2018 dividend amounted to a total cash payment of Ksh5.9 Billion, the highest payout to shareholders since the listing of the Bank on the Nairobi Securities Exchange (NSE) in December 2008.

The bank has a total of 155 branches, 4 million customers on Mco-op Cash mobile banking, 580 ATMs and over 12,000 agent locations.