{"id":17016,"date":"2017-11-10T15:16:00","date_gmt":"2017-11-10T12:16:00","guid":{"rendered":"https:\/\/www.ghafla.com\/ke\/?p=17016"},"modified":"2017-11-10T15:16:00","modified_gmt":"2017-11-10T12:16:00","slug":"co-operative-bank-records-13-7-billion-profit-before-tax-amid-backdrop-of-a-tight-operating-environment","status":"publish","type":"post","link":"https:\/\/www.ghafla.co.ke\/ke\/co-operative-bank-records-13-7-billion-profit-before-tax-amid-backdrop-of-a-tight-operating-environment\/","title":{"rendered":"Co-operative Bank records 13.7 billion profit before tax amid backdrop of a tight operating environment"},"content":{"rendered":"

2017 has been a bad year for businesses in Kenya due to political uncertainty. All the same the Co-operative Bank still managed to record profit.<\/p>\n

The Co-operative Bank Group reported a Profit before Tax of Ksh13.7 billion for third quarter 2017 compared to Ksh 15.2 Billion recorded in the same period 2016, a commendable performance against the backdrop of a tight operating environment especially with the capping of interest rates and the general economic slowdown in an election year.<\/p>\n

Profit after tax for the period was Ksh 9.5 billion compared to Ksh 10.5 billion the previous year.<\/p>\n

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 \u2018Soaring Eagle\u2019 Transformation project with critical focus on improved operational efficiencies, customer service and lower operating costs.<\/p>\n

As a result, Co-op’s Cost to Income ratio continues to improve from 52.1% in FY2016 to 47.6% in the third quarter 2017.<\/p>\n

Key financial highlights include;-<\/p>\n

1. Balance sheet<\/h3>\n

\"\"<\/a><\/p>\n

\u2022 Total assets grew by Kshs 34.2 billion (+9.7%) to Kshs. 388.3 billion compared to Kshs 354 Billion in the same period last year.
\n\u2022 Net loans and advances book grew by Kshs 32.4 Billion (+14.2%) to Kshs. 259.4 billion compared to Kshs. 227 billion in the same period last year.
\n\u2022 Customer deposits grew by Kshs. 31.2 billion (+12.1%) to Kshs. 289 billion compared to Kshs. 257.8 billion in the same period last year.
\n\u2022 Shareholders\u2019 funds grew from Kshs. 59.2 billion to Kshs. 67.3 billion, an impressive growth of 13.8%, supported by a steady growth in earnings retention and a dividend policy anchored on progressive growth.<\/p>\n

2. Profit & Loss<\/h3>\n

\u2022 Total interest income reduced by 7.7% from Kshs 32.3 billion in 3Q2016 to Kshs 29.9 billion in 3Q2017.
\n\u2022 Total interest expense reduced by 8.5% from Kshs 9.9 billion in 3Q2016 to Kshs 9.1 billion in 3Q2017 on account of reduced cost of funding.
\n\u2022 Total operating income reduced marginally by 4.3% from Kshs 32.3 billion in 3Q2016 to Kshs 30.9 billion in 3Q2017.
\n\u2022 Interest income from loans & advances declined by 6.9% despite the 14.2% increase in net loans & advances.
\n\u2022 Total operating expenses increased marginally by 0.7% from Kshs.17.15 billion to Kshs17.25 billion.<\/p>\n

3. Innovative Customer Delivery Platforms<\/h3>\n

\"\"<\/a><\/p>\n

\u2022 A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve 6.8 million account-holders across all sectors supported by our multichannel strategy that includes 149 Branches, over 10,000 Co-op Kwa Jirani Banking Agents and over 580 ATMs.
\n\u2022 The all-telco Mco-op Cash Mobile Wallet has continued to play a pivotal role in the growth of non-funded income with over 3.46 Million customers.
\n\u2022 Through Co-op’s multi-channel strategy the Bank has successfully moved 86% of customer transactions to alternative delivery channels particularly mobile banking, ATMs, internet and Co-op Kwa Jirani bank agency outlets.
\n\u2022 Co-op’s unique model of retail banking services through Sacco FOSAs enabled them to provide wholesale financial services to over 560 FOSA outlets. The bank has currently issued over 1 Million Saccolink cards.
\n\u2022 Co-op bank continues to focus on Digital Bank which ensures timely, business-led solutions delivery to customers.<\/p>\n

4. Regional Expansion<\/h3>\n

Co-operative Bank of South Sudan that is a unique Joint Venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) made a profit of Kshs. 30 Million in the period under review despite the tough operating environment.<\/p>\n

5. Corporate Social Responsibility Programs<\/h3>\n

\u2022 Through Co-op Consultancy Services; the Group has greatly invested on key capacity building initiatives in the 15 million member Co-operative Movement, with now over 22,000 co-operative societies\/Saccos in all sectors of the economy countrywide.
\n\u2022 Co-op Bank Foundation has provided Scholarships for gifted but needy students from all counties in Kenya. The sponsorship includes; fully-paid secondary education, full fees for University education, Internships and career openings for beneficiaries. The foundation is fully funded by the bank and has so far supported over 5,119 students since the inception.<\/p>\n

6. New Business \u2013 Co-op Bank\/Super Group Leasing Joint Venture<\/h3>\n

In the second quarter, Co-operative Bank entered into a Leasing business joint venture agreement with Super Group Limited, an established leader in leasing business that is listed on the Johannesburg Stock Exchange.<\/p>\n

The joint venture will take advantage of key strengths by the two partners and focus on the emerging opportunities in leasing business with the bank providing the customer base and Super Group providing proven products, technology and expertise on the running of a scalable leasing business.<\/p>\n

One prime opportunity arising from the \u201cSoaring Eagle Transformation Agenda\u201d is a focus on growing the top-line by Sales Force Effectiveness aimed at increasing product-holding per customer, and revenues.<\/p>\n

The joint venture comes at a time when there are significant market opportunities in the growing Kenyan economy and the region as hereunder;<\/p>\n

1. Major infrastructure projects.
\n2. Government setting the pace with leasing, especially vehicles.
\n3. Exploration and mining activities including oil and gas.
\n4. Other sector demands including manufacturing, construction, transport, ICT among others.<\/p>\n

The joint venture will also leverage on the support of the Co-operative movement with over 14 Million members and over 22,000 co-operative societies.
\nThe joint venture is being operationalized immediately.<\/p>\n

The Co-operative Bank Group is alive to both the challenges presented by the operating environment, and also the wide opportunities offered by Kenya\u2019s growing economy. The Group has put in place strategies to sustain the business on a growth trajectory in the long-term leveraging on our strong balance sheet, solid customer base, and a wide range of service channels, robust ICT framework and a skilled team.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

2017 has been a bad year for businesses in Kenya due to political uncertainty. All the same the Co-operative Bank still managed to record profit. The Co-operative Bank Group reported a Profit before Tax of Ksh13.7 billion for third quarter 2017 compared to Ksh 15.2 Billion recorded in the same period 2016, a commendable performance […]<\/p>\n","protected":false},"author":2834,"featured_media":17017,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[310],"tags":[39],"class_list":["post-17016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entertainment","tag-co-operative-bank-news"],"yoast_head":"\nCo-operative Bank records 13.7 billion profit before tax<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghafla.co.ke\/ke\/co-operative-bank-records-13-7-billion-profit-before-tax-amid-backdrop-of-a-tight-operating-environment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Co-operative Bank records 13.7 billion profit before tax\" \/>\n<meta property=\"og:description\" content=\"2017 has been a bad year for businesses in Kenya due to political uncertainty. 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