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Co-op Bank Q3 net profit shrinks to Sh9.5

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The Co-operative Bank has posted a net profit of Ksh 9.5 billion for the third quarter of 2017, which is a decline from the Ksh 10.5 billion recorded last year.

The top tier bank says a tight operating environment, especially with the capping of interest rates and the general economic slowdown in an election year, has slowed down the performance compared to same period last year.

Total assets, however, grew by 9.7% to Ksh 388.3 billion compared to Ksh 354 billion in 2016.

Net loans and advances book grew by Ksh 32.4 billion to Ksh 289 billion compared to Ksh 257.8 billion in last year’s period.

Customer deposits on the other hand grew by Ksh 31.2 billion to Ksh 289 billion, up from Ksh 257.8 billion.

Shareholder’s fund grew to Ksh 67.3 billion, supported by a steady growth in earnings retention and a dividend policy anchored on progressive growth.

READ: Odindo to stay at Standard until next November 

Co-operative Bank of South Sudan that has a partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) made a profit of Ksh 30 Million in the period.

“The Group has a sustained focus on long-term profitability, with current challenges in the operating environment being mitigated by the benefits arising from the successful execution of the ‘Soaring Eagle’ Transformation project with critical focus on improved operational efficiencies, customer service and lower operating costs,” Group CEO and MD Dr Gideon Muriuki said in a statement.

Overall, the Bank’s cost to income ratio improved from 52.1% in the 2016 financial year to 47.6% in this year’s third quarter.

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