Co-operative Bank of Kenya has reported a 0.2% reduction in profit after tax to Ksh3.58 billion for the three months ended March 2020 down from the Ksh3.59 billion posted by the lender the previous year.
The bank’s unaudited results show that the lender’s balance sheet grew to Ksh470.4 billion at the end of March 2020 up from Ksh425.67 billion posted a year earlier representing a 10.5% jump.
Customer deposits declined to Ksh2.62 billion from Ksh2.76 billion posted the previous year while net interest income grew to Ksh7.5 billion from Ksh6.9 billion.
Gross Non Performing Loans (NPLs/bad loans) stood at Ksh31.8 billion up from Ksh29.7 billion.
The group also lent out some Ksh6.1 billion to its directors, shareholders and associates up from Ksh2.3 billion representing a Ksh167% jump in insider loans.
Total non-interest income grew to Ksh4.9 billion from Ksh4.1 billion while total operating income grew to Ksh12.5 billion from Ksh11.1 billion.
Some Ksh19.1 million was paid out to Co-op directors as emoluments up from the Ksh17.1 million they raked in at the end of March 2019.
The lender’s capital strength was espoused by a 20.2% core capital/ deposits ratio.
Huge Profits Banks
On Wednesday, National Bank of Kenya (NBK) posted Ksh155 million profit after tax for the three months ended March 2020, a 134% increase in profit from the Ksh66 million posted last year.
KCB Group also reported a Ksh6.3 billion profit for the first quarter of 2020, an 8% surge from the Ksh5.8 billion reported at a comparable period the previous year.