{"id":180,"date":"2020-05-21T16:38:41","date_gmt":"2020-05-21T13:38:41","guid":{"rendered":"https:\/\/www.ghafla.com\/sponsored\/?p=180"},"modified":"2020-05-21T16:38:41","modified_gmt":"2020-05-21T13:38:41","slug":"the-co-operative-bank-jolts-banking-sector-by-a-record-kshs-5-1-billion-profit-in-first-quarter-2020","status":"publish","type":"post","link":"https:\/\/www.ghafla.co.ke\/sponsored\/the-co-operative-bank-jolts-banking-sector-by-a-record-kshs-5-1-billion-profit-in-first-quarter-2020\/","title":{"rendered":"The Co-operative Bank jolts banking sector by a record Kshs. 5.1 Billion profit in first quarter 2020"},"content":{"rendered":"<p>The Co-operative Bank Group has an encouraging winning angle against the obstacles occasioned by the ravaging pandemic to report a Profit before Tax of <strong><u>Kshs 5.1 Billion<\/u><\/strong> for the first quarter of 2020, a performance closely reflecting last year\u2019s 2019 first quarter results. Profit after Tax was <strong><u>Kshs 3.6 Billion<\/u><\/strong>.<\/p>\n<p>The Group has a comprehensive mitigation strategy to cancel out an unpredictable working environment demanded by the Covid-19 pandemic. They have a strategy intended to ensure full banking services continue being accessible to customers in a safe environment consistent with the Ministry of Health guidelines. Most attention has been thrust to digital channels, and branches remain open albeit with constant attention to detail to keep clients safe.<\/p>\n<p><a href=\"https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2020\/05\/accc.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-182\" src=\"https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2020\/05\/accc.jpg\" alt=\"\" width=\"960\" height=\"960\" srcset=\"https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2020\/05\/accc.jpg 960w, https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2020\/05\/accc-300x300.jpg 300w, https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2020\/05\/accc-150x150.jpg 150w, https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2020\/05\/accc-768x768.jpg 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>The report has a few highlights;<\/p>\n<ol>\n<li><strong> Profit&amp;Loss<\/strong><\/li>\n<\/ol>\n<ul>\n<li><em>Total operating income grew by 12.5%from Kshs 11.1 Billion to Kshs 12.5 Billion<\/em><\/li>\n<li><em>Total non-interest income increased by 19% from Kshs 4.2 Billion to Kshs 5.0 <\/em><em>Billion<\/em><\/li>\n<li><em>Net interest income increased by 8.5% from Kshs 6.9Billion to Kshs 7.5 Billion<\/em><\/li>\n<\/ul>\n<p><em>Total operating expenses grew by 20.6% from Kshs 7.3 Billion on account higher loan loss provision and staff expenses.<\/em><\/p>\n<ol start=\"2\">\n<li><strong>Balance sheet<\/strong><\/li>\n<\/ol>\n<ul>\n<li><em>Total assets grew by Kshs 44.7% (+10.5%) to Kshs 470.4 Billion from Kshs 425.7 Billion recorded in the first quarter 2019.<\/em><\/li>\n<li><em>Net loans and advances book grew by 24.5 Billion (9.8%) to stand at Kshs 276.2 Billion compare to Kshs 251.6 Billion in 2019.<\/em><\/li>\n<li><em>Investment in government securities grew by Kshs 22. 9 Billion (+11.5%) to Kshs 115.9 Billion compared to Kshs 103.9Billion in 2019.<\/em><\/li>\n<li><em>Customer\u2019s deposits grew by 6.9% from Kshs 317.8 Billion to Kshs 339.6 Billion.<\/em><\/li>\n<li><em>Borrowed funds from development partners grew by Kshs 3.7 Billion (+15.5%) to Kshs 27.4 Billion compared to Kshs 23.7 Billion in 2019.<\/em><\/li>\n<li><em>Shareholders\u2019 funds grew from Kshs 82.0 Billion (+12.7) from Kshs 72.8 Billion in 2019.This has enabled the bank to continue to pitch for big ticket deals.<\/em><\/li>\n<\/ul>\n<ol start=\"3\">\n<li><strong> Innovative customer delivery platform.<\/strong><\/li>\n<\/ol>\n<ul>\n<li><em>Through our multi-channel strategy ,the bank has successfully moved almost <strong>90%<\/strong> of all customers transactions to alternative delivery channels ,an expanded 24-hour contact center ,mobile banking ,584 ATMs, internet and over 16,700 Co-op Kwa Jirani Banking agents<\/em><\/li>\n<li><em>A successful universal banking model and the implementation of Sales Force Effectiveness has seen the group serve over <strong>8 Million<\/strong> Account holders across all sectors.<\/em><\/li>\n<li><em>Key focus on digital banking ,with all -telco <strong>MCo-op Cash<\/strong> mobile wallet continuing to play a pivotal role in the growth of non-funded income with 5.6 Million customers\u00a0 registered\u00a0 and loans with over Kshs. 16 Billion disbursed in quarter 1 2020 <\/em><\/li>\n<li><em>Over 85, 252 customers have taken up the MSME packagers that we rolled\u00a0 out in 2018, and 5,000 have been trained on business management and planning .We have earmarked\u00a0 Kshs 15.2 Billion to MSME lending ,with Kshs 12.4 Billion disbursed to date.<\/em><\/li>\n<li><em>Our unique model\u00a0 of retailing\u00a0 banking services\u00a0 through Sacco FOSAs enabled us provide\u00a0 wholesale financial services to over 479 FOSA outlets and issue over 1.8 million Sacco -link cards.<\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2020\/05\/acccc.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-183\" src=\"https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2020\/05\/acccc.jpg\" alt=\"\" width=\"667\" height=\"667\" srcset=\"https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2020\/05\/acccc.jpg 667w, https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2020\/05\/acccc-300x300.jpg 300w, https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2020\/05\/acccc-150x150.jpg 150w\" sizes=\"auto, (max-width: 667px) 100vw, 667px\" \/><\/a><\/p>\n<p>In a press release, Dr. Gideon Muriuki, Group Managing Director &amp; CEO, also gave credence to the bank\u2019s subsidiaries, like The Co-op Bank of South Sudan with a profit before tax of Kshs.20.7 Million before tax in first quarter 2020. Another major one is the Co-op Consultancy and Insurance Agency with a Kshs.250.5 Million contributed as at 31<sup>st<\/sup> March, 2020; and Co-op Trust Investment adding Kshs.20.5 Million.<\/p>\n<p>In addition, the Group has re-aligned close to Kshs.15 Billion to cushion their clients servicing loans from the effects of the pandemic. Co-op clients have had loan repayment periods lengthened, adjusted interest moratorium periods and additional funding if need be to ride out the difficult period.<\/p>\n<p>The Board of Directors have also approved the talks leading to 100% acquisition of Jamii Bora Bank Ltd, which has an asset base of Kshs.20.5 Billion. Due diligence for the acquisition is ongoing.<\/p>\n<p>The Co-op Bank foundation also reports providing scholarships to a tally of 7,657 gifted but needy students across the country since inception. These scholarships cover includes full fees from secondary too university level, internships and later job openings.<\/p>\n<p>Recently, Co-op Bank also boosted the Covid-19 Emergency Response Fund with a cash donation of Kshs.100 Million.<\/p>\n<p>In light of these details, it\u2019s not a surprise that Co-op Bank was named Overall Winner of the Kenya Banker\u2019s Association (KBA) 2019 Sustainable Finance Catalyst Award.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Co-operative Bank Group has an encouraging winning angle against the obstacles occasioned by the ravaging pandemic to report a Profit before Tax of Kshs 5.1 Billion for the first quarter of 2020, a performance closely reflecting last year\u2019s 2019 first quarter results. Profit after Tax was Kshs 3.6 Billion. The Group has a comprehensive [&hellip;]<\/p>\n","protected":false},"author":6067,"featured_media":181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[230,25,184,251,252],"class_list":["post-180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sponsored","tag-coop-bank-business-solutions","tag-coop-bank-news","tag-coop-lipa-na-mpesa-till-number-news","tag-coop-quarterly-reports-news","tag-dr-gideon-muriuki-ceo-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Co-operative Bank jolts banking sector by a record Kshs. 5.1 Billion profit in first quarter 2020 - Ghafla! 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