Welcome, Guest: Join Kenyans247 Log In!

Stats: 291 Members, 13,354 topics and 65 posts Date:  Wednesday 28 October 2020 at 08:18 AM
Popular & Trending NewestFeatured Links ClassifiedDirectoryLivescoresLive Kenyan TVLive Kenyan Radio Follow Us Like Us

About Us Terms & Conditions Privacy Policy FAQ's Disclaimer Copyright Contact Us Advertise With Us Download K247 APP Marketplace Moderator Policy We Are Hiring Kenya Radio and TV Stations Listen and Watch Live Letter From the C.E.O Kenya Radio Stations Live Kenya TV Stations Live Kenya - Newspapers and News Sites and popular blog Forum Rules

Co-op Bank Rakes In Ksh20B Profit, Eyes Multi-Billion Acquisition

Kenyans247 / Kenyans247 / General / Business / Co-op Bank Rakes In Ksh20B Profit, Eyes Multi-Billion Acquisition

106 people viewed

Co-op Bank Wraps Up Its First Phase Of Msme Customers Networking Forums Co-op Bank Rakes In Ksh20b Profit, Eyes Multi-billion Acquisition Farmers In Kenya Reaping Big From Co-op Bank’s Deepening Support
(Go Down) (» Reply topic)
Co-op Bank Rakes In Ksh20B Profit, Eyes Multi-Billion Acquisition by Kenyans247(1): Thu 19, March, 2020 03:03pm
Co-operative Bank Group has had another successful financial year after posting impressive profits both before and after-tax.

According to a statement released on Thursday, March 19, the lender recorded a before-tax profit of Ksh20.7 billion for full-year 2019, an increase from Ksh18.2 billion recorded in 2018. Profit after tax was Ksh14.3 Billion compared to Ksh12.7 Billion in the previous year.

The group attributed its success to its strategy of ‘increased dominance’ in Kenya leveraging on its successful penetration of the retail and consumer banking, micro, medium and small enterprises, corporate banking and the co-operative movement.

"The group continues to leverage on the benefits of the “Soaring Eagle” Transformation Agenda that has re-tooled and equipped the business with added competitive edge as reflected in the sustained growth in market share across all market segments and counties, which has progressively deepened our celebrated Financial Inclusion model rooted in the over 15 million-member co-operative movement that is the face of Kenya," reads the statement in part.

A photo of Co-operative Bank CEO Gideon Muriuki giving an address.
Co-operative Bank CEO Gideon Muriuki giving an address.BUSINESS DAILY
The group's experienced cumulative growth with different sections posting improved results including an increase in total assets from Ksh413.4 billion to Ksh457 billion.

Customers' deposits grew by 8.7% from Ksh306.12 billion to Ksh332.82 billion while investment in government securities grew by Ksh37.53 billion to Ksh117.80 billion compared to Ksh80.27 billion in 2018.

Shareholders' fund grew to Ksh79.33 billion in 2019 from Ksh69.86 billion in 2018.

The group also made profits from its international ventures including the Co-operative Bank of South Sudan where the lender made a profit before tax of Ksh240.6 Million in 2019.

Jamii Bora Bank takeover

On Wednesday, March 11, the lender reported that its directors approved the progression of discussions with Jamii Bora Bank Limited, which if successful, would lead a 100% acquisition of shareholding in Jamii Bora Bank Limited.

Jamii Bora Bank is a Kenyan bank incorporated under the Companies Act with over 350,000 customers in 17 branches and an asset base of Ksh12.5 billion.

The acquisition offers the group the opportunity to cross-sell and deepen product offerings to the enhanced customer base and create a niche bank to offer specialised credit offerings that include MSME Banking, Microfinance, Youth & Women Banking, Asset Finance, and Leasing.

In the course of 2019, the bank also racked up a number of accolades for its excellent work culture including Kenya Bankers Association (KBA) 2019 Sustainable Finance Catalyst Award as well as Best Bank in Sustainable Finance in Kenya at the 2019 Energy Management Awards hosted by the Kenya Association of Manufacturers.
kenyans247

Source https://www.kenyans.co.ke/featured/51013-co-op-bank-boasts-ksh20b-profit-eyes-multi-billion-acquisition

0 Shares 0 Like •

(» Go Up)

You must Sign in or Sign Up to post content

For you to post content on this website you have to log in or register, it only take few minute to create account

Go Up

Recommended for you

Farmers In Kenya Reaping Big From Co-op Bank’s Deepening Support Co-op Bank Rakes In Ksh20b Profit, Eyes Multi-billion Acquisition Co-op Bank Wraps Up Its First Phase Of Msme Customers Networking Forums

Currently: 1 guest(s) reading this article

Sections: Agriculture, Family, Romance, Homepage, Kenyans247 ads, Computers, Universities, Building/Architecture, Innovation, Technology Market, Gaming, Fashion, Photography, Poetry, TV/Movies, South Sudan Forum, Tanzania Forum, Somalia Forum, Burundi Forum, Ugandan Forum,

About Us | Terms & Conditions | Privacy Policy | FAQ's | Disclaimer | Copyright | Contact Us | Advertise With Us | Download K247 APP | Marketplace | Moderator Policy | We Are Hiring | Kenya Radio and TV Stations Listen and Watch Live | Letter From the C.E.O | Kenya Radio Stations Live | Kenya TV Stations Live | Kenya - Newspapers and News Sites and popular blog | Forum Rules | Featured LinksFollow Us on TwitterLike Us on Facebook

Kenyans247 - Copyright © 2019 - 2020 Sande Kennedy. All rights reserved. See How To Advertise.
Disclaimer: Every Kenyans247 member is solely responsible for anything that he/she posts or uploads on Kenyans247.