An image of Co-operative Bank Headquarters in Nairobi File
The Cooperative Bank has reported a pre-tax profit of Ksh22.6 billion for the full year 2021. This is a 59 per cent growth from the Ksh14.3 billion recorded over a similar period in 2020. This represents a Ksh16.5 billion after tax profit compared to the Ksh10.8 billion reported in 2020.
The bank notes that this is its best performance and underscores its strategic focus on sustainable growth and transformation.
Financial Position
The Coop Bank Group registered a sustained growth in total assets which grew to Ksh579.8 billion, a 8 per cent growth from Ksh536.9 billion in the preceding year.
The net loans and advances grew by 8 per cent to Ksh310.2 billion, from Ksh286.6 billion in the year 2020.
Investment in government securities grew to Ksh184.1 billion from Ksh161.9 billion in 2020. Customer deposits grew by 8 per cent to Ksh407.7 billion from Ksh378.6 billion in 2020.
Borrowed funds from development partners stood at Ksh42.9 billion from Ksh46.0 billion in 2020. Shareholders’ funds grew to Ksh100.2 billion (10 per cent growth) from Ksh90.7 billion in 2020, enabling the firm to continue pitching for big ticket deals. (L-R) Co-op Bank’s Head of Digital Experience & Innovation Russel Akuom, Amina Saidi of Co-operatives Banking and Agri-Value Chain Manager Vera Nyaboke prepare for the virtual demo event where winners of the on-going Akili Kali Innovation Challenge will be selected. Comprehensive Income
The total operating income grew by 12 per cent from Ksh53.8 billion to Ksh60.4 billion while total non-interest income grew by 11 per cent from Ksh17.5 billion to Ksh19.4 billion.
Net interest income grew by 13 per cent from Ksh36.3 billion to Ksh41.0 billion while total operating expenses improved by 3 per cent from Ksh39.4 billion to Ksh38.1 billion .
Increased Market Dominance A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve over 9 million account holders across all sectors.Through the firm’s multi-channel strategy, the bank has successfully moved 94 per cent of all customer transactions to alternative delivery channels, an expanded 24-hour contact centre, mobile banking, 561 ATMs, internet banking and over 26,000 Co-op Kwa Jirani agency banking terminals.Key focus on digital banking with the all-telco Mco-op Cash Mobile Wallet have continued to play a pivotal role in the growth of non-funded income with 5.3 million customers registered and loans worth Ksh71.2 billion disbursed to […]
