The Co-operative bank of Kenya on Wednesday revealed that it had recorded a Sh10.45 Billion profit in the very first half of 2016 compared with Sh 8.75 Billion for the very same period in 2015.
The bank’s tremendous gains represent a 19 percent growth which after taxation settled at Sh 7.41 Billion.
Co-op Bank Group CEO Gideon Muriuki attributed the growth to ‘Soaring Eagle’ Transformation Project that the bank has been implementing since 2014. The project is focussed on cost optimisation, improvement in operating efficiencies and innovative customer delivery platforms.
Co-op Bank, which is the 3rd largest bank by market capitalization on the Nairobi Securities Exchange (NSE), saw its assets increase by Sh37.9 Billion totalling to a whopping Sh363 Billion.
The bank recorded an 11 per cent growth in customer deposits; from Sh252.8 Billion last year to Sh278.3 Billion.
The financial institution which has a customer base standing at 6 Million account- holders, had its shareholders’ funds increase from Sh47.1 Billion to Sh57.9 Billion.
In a statement, Co-op Bank noted that it now has 144 Branches, 8,765 Co-op Kwa Jirani Banking Agents and over 570 ATMs which have been instrumental in serving over 87 percent of its customers through the alternative delivery channels.
Co-op bank which has been named the Best Commercial Bank in Kenya by African Banking Awards also received recognition for its Social Responsibility. Last year, the bank scooped the 2015 International Banker Award for Financial Inclusion.
