{"id":3876,"date":"2024-11-14T16:00:08","date_gmt":"2024-11-14T13:00:08","guid":{"rendered":"https:\/\/www.ghafla.co.ke\/sponsored\/?p=3876"},"modified":"2024-11-14T22:41:09","modified_gmt":"2024-11-14T19:41:09","slug":"co-op-bank-we-achieved-ksh26-8-billion-profit-before-tax-in-q3-2024","status":"publish","type":"post","link":"https:\/\/www.ghafla.co.ke\/sponsored\/co-op-bank-we-achieved-ksh26-8-billion-profit-before-tax-in-q3-2024\/","title":{"rendered":"Co-op Bank: We achieved Ksh26.8 Billion Profit before Tax in Q3 2024"},"content":{"rendered":"<p>The Co-operative Bank Group is pleased to announce its financial results for Q3 2024, highlighting a resilient and upward growth trajectory.<\/p>\n<p>Driven by the \u201cSoaring Eagle\u201d Transformation Agenda, the Group reported a Profit Before Tax of Ksh 26.8 billion, an 8.5% increase from Ksh 24.7 billion in Q3 2023.<\/p>\n<p>This reflects a Profit After Tax of Ksh 19.2 billion compared to Ksh 18.4 billion in the same period last year and a competitive Return on Equity of 21.3%.<\/p>\n<figure id=\"attachment_3878\" aria-describedby=\"caption-attachment-3878\" style=\"width: 768px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2024\/11\/FB_IMG_1731612293929.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3878\" src=\"https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2024\/11\/FB_IMG_1731612293929.jpg\" alt=\"\" width=\"768\" height=\"960\" srcset=\"https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2024\/11\/FB_IMG_1731612293929.jpg 768w, https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2024\/11\/FB_IMG_1731612293929-240x300.jpg 240w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/a><figcaption id=\"caption-attachment-3878\" class=\"wp-caption-text\">Mr. Geoffrey Omondi, County Commissioner Isiolo County, joins Co-op Bank customers and staff to open the new Narumoru branch.<\/figcaption><\/figure>\n<p><strong>Key Performance Highlights<\/strong><\/p>\n<p><strong>1. Financial Position<\/strong><\/p>\n<p>The Group achieved substantial growth in its financial position, reflecting the positive impact of its strategic approach:<\/p>\n<p>Total Assets grew by 13.5%, reaching Ksh 750.8 billion, compared to Ksh 661.3 billion in Q3 2023.<\/p>\n<p>Net Loans and Advances increased to Ksh 381.3 billion from Ksh 378.1 billion last year.<\/p>\n<p>Customer Deposits saw an 18.7% rise to Ksh 514.0 billion, up from Ksh 432.8 billion.<\/p>\n<p>External Funding from development partners was reported at Ksh 58.0 billion, compared to Ksh 65.6 billion in 2023.<\/p>\n<p>Shareholders&#8217; Funds rose significantly by 22% to Ksh 131.8 billion, driven by strong retained earnings of Ksh 16.3 billion.<\/p>\n<p><strong>2. Comprehensive Income<\/strong><\/p>\n<p>The Group\u2019s income portfolio also showed commendable growth:<\/p>\n<ul>\n<li>Total Operating Income expanded by 10.8%, moving from Ksh 53.4 billion to Ksh 59.2 billion.<\/li>\n<li>Non-Interest Income grew by 8.2%, reaching Ksh 22.3 billion from Ksh 20.6 billion.<\/li>\n<li>Net Interest Income increased by 12.3%, rising from Ksh 32.8 billion to Ksh 36.9 billion.<\/li>\n<li>Total Operating Expenses recorded a controlled growth of 12.7%, totaling Ksh 32.7 billion.<\/li>\n<\/ul>\n<p><strong>3. Cost Management<\/strong><\/p>\n<p>Co-op Bank continued to achieve efficiency gains, reporting a Cost-to-Income Ratio of 45.8% in Q3 2024, significantly improved from the 59% recorded in FY 2014 when the Growth &amp; Efficiency journey began.<\/p>\n<p><strong>4. Digital Transformation and Customer Engagement<\/strong><\/p>\n<p>The Group leveraged its digital transformation strategy to achieve a high rate of digital transactions:<\/p>\n<ul>\n<li>A new core banking system, based on the latest version of Finacle, enhances service delivery and operational efficiency.<\/li>\n<li>Over 93% of customer transactions are now processed through digital channels, including a robust 24-hour contact center, 603 ATMs &amp; CDMs, mobile and internet banking, and a network of over 16,000 Co-op kwa Jirani agents.<\/li>\n<li>The Omni-channel platform ensures a seamless customer experience across personal computers, mobile devices, and USSD channels.<\/li>\n<li>MCo-op Cash Mobile wallet continues to drive substantial non-funded income, disbursing Ksh 55.7 billion in loans in Q3 2024, averaging Ksh 6.2 billion per month.<\/li>\n<li>The Bank has empowered MSMEs, with over 231,200 clients enrolled in its MSME packages since 2018 and Ksh 11 billion disbursed through the Mobile E-Credit solution in 2024.<\/li>\n<\/ul>\n<p><strong>5. Branch Network Expansion<\/strong><\/p>\n<p>The Group maintains a strong and growing presence across Kenya and South Sudan, with a total of 204 branches, including five in South Sudan.<\/p>\n<p>This year, eight new branches have opened domestically, including locations in Nairobi\u2019s Imaara Mall, Ugunja, Luanda, Isibania, Maai Mahiu, Dagoretti Market, Marimanti, and Ruiru Nord Mall.<\/p>\n<p>Kingdom Bank also inaugurated its 22nd branch in Meru County, while Co-operative Bank of South Sudan added a fifth branch in Wau.<\/p>\n<p><strong>6. Growing Team<\/strong><\/p>\n<p>Co-op Bank\u2019s commitment to growth extends to its staffing levels, with personnel increasing from 4,864 in 2022 to 5,617 by Q3 2024, creating over 753 new job opportunities, particularly for young professionals.<\/p>\n<p><a href=\"https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2024\/11\/images-26.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3879\" src=\"https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2024\/11\/images-26.jpeg\" alt=\"\" width=\"739\" height=\"415\" srcset=\"https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2024\/11\/images-26.jpeg 739w, https:\/\/www.ghafla.co.ke\/sponsored\/wp-content\/uploads\/sites\/16\/2024\/11\/images-26-300x168.jpeg 300w\" sizes=\"auto, (max-width: 739px) 100vw, 739px\" \/><\/a><\/p>\n<p><strong>7. Subsidiary Performance<\/strong><\/p>\n<p>The Group\u2019s subsidiaries also performed exceptionally well:<\/p>\n<ul>\n<li>Co-op Bancassurance Intermediary Ltd achieved a Profit Before Tax of Ksh 824.3 million, driven by strong Bancassurance penetration.<\/li>\n<li>Co-operative Bank of South Sudan, a joint venture with the Government of South Sudan, recorded Ksh 434.7 million in Profit Before Tax. Adjusted for hyperinflation, this amounted to Ksh 33.8 million.<\/li>\n<li>Co-op Trust Investment Services Ltd showed a 65% growth in Profit Before Tax to Ksh 254.9 million, with funds under management totaling Ksh 299.6 billion.<\/li>\n<li>Kingdom Bank Ltd, a niche MSME bank, reported an 18.1% growth in Profit Before Tax, reaching Ksh 929.2 million in Q3 2024.<\/li>\n<\/ul>\n<p>8. <strong>Commitment to Sustainability and Social Impact<\/strong><\/p>\n<p>In line with its Environmental, Social, and Governance (ESG) framework, Co-op Bank has taken active steps toward climate resilience:<\/p>\n<p>Co-op Bank supports industry climate initiatives, including IFRS S1 &amp; S2 and Green Finance Taxonomy, through capacity building.<\/p>\n<p>Through a Climate Risk Project aligned with SDG 13, the Bank is formulating a Climate Strategy Roadmap and Implementation Plan.<\/p>\n<p>The new Co-op-a-Maji Loan, in partnership with Water.org, provides funding to the Water, Sanitation, and Hygiene (WASH) sector, fostering access to safe water and sanitation.<\/p>\n<p>Co-op Bank Foundation has provided scholarships to 11,703 talented students from disadvantaged backgrounds since its inception, covering both secondary and university education, internships, and career support.<\/p>\n<p><strong>Conclusion<\/strong><\/p>\n<p>Co-op Bank Group\u2019s performance in Q3 2024 reaffirms its position as a resilient and forward-looking financial institution.<\/p>\n<p>Leveraging a diversified universal banking model, a robust digital strategy, and its unique co-operative network, Co-op Bank remains committed to creating value for shareholders and stakeholders alike.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Co-operative Bank Group is pleased to announce its financial results for Q3 2024, highlighting a resilient and upward growth trajectory. Driven by the \u201cSoaring Eagle\u201d Transformation Agenda, the Group reported a Profit Before Tax of Ksh 26.8 billion, an 8.5% increase from Ksh 24.7 billion in Q3 2023. This reflects a Profit After Tax [&hellip;]<\/p>\n","protected":false},"author":6067,"featured_media":3877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[499,1295,251],"class_list":["post-3876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sponsored","tag-co-op-bank-kenya-news","tag-coop-q3-report-news","tag-coop-quarterly-reports-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Co-op Bank: We achieved Ksh26.8 Billion Profit before Tax in Q3 2024 - Ghafla! 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