Cooperative Bank Kenya has reported a 9.8% growth in Q1 2016 Profit Before Tax to Ksh 4.94 Billion compared to Ksh 4.50 Billion reported in Q1 2015.
Highlights
- Profit After Tax grew by 8% to Ksh 3.44 Billion compared to KES 3.17 Billion in the previous year.
- 7.7% rise in EPS to KES 0.70
- Operating expenses inflated by 16.7% to KES 4.6 Billion while the cost to income ratio improved by 130bps to 44.0%.
- Loan loss provision increased by 78.6% to KES 625 Million, pushing the cost of risk to 1.3% vs. 0.7% previously.
- Non Performing Loan ratio stood at 3.9% against 3.5% the comparative period while GNPLs enlarged 10.8% to KES 8.6 Billion.
- Foreign exchange income grew by 10% from KES 460 Million to KES 500 Million
- Total Assets grew by around 13% to KES 350.7 Billion
- South Sudan Business made KES 11.5 Million profit compared to KES 15 Million loss made same period last year.
The management says the growth is attributed to successful implementation of the ‘Soaring Eagle’ turn-around strategy conducted by MCKinsey.
