Co-operative bank managing director Gideon Muriuki during the release of the Bank Q3 financial report in Nairobi. Cooperative Bank has regained its spot as third-largest lender in Kenya, edging out NCBA Bank which relegated it after NIC, CBA merger in October last year.
The lender, which announced a 12.6 per cent growth in profits for the year ended December 31, 2019 yesterday, revealed that its total asset value had risen by 10.5 per cent to Sh457 billion compared to NCBA’s Sh444 billion.
Cooperative Bank’s planned acquisition of Jami Bora Bank which has an asset base of Sh12.5 billion will further cement its position among the top Tier 1 banks.
KCB Group which announced after-tax profit growth of five per cent to Sh25.5 billion for the 2019 financial year last week is the biggest lender in Kenya in terms of asset value, followed by Equity Bank Group which is yet to release its 2019 results.
KCB’s total assets rose by 26 per cent to Sh899 billion from Sh714 billion in 2018 after acquiring the National Bank of Kenya (NBK). It is in the race to hit Sh1 trillion by 2022.
Equity Bank Group, on the other hand, had a total asset value of Sh638.6 billion in 2018.
Co-op Bank Group’s net profit for the year under review rose to Sh14.3 billion up from Sh12.7 billion in 2018.
“The bank continues to leverage on the benefits of the Soaring Eagle Transformation Agenda that has re-tooled and equipped the business with added competitive edge as reflected in the sustained growth in market share across all market segments,’’ Co-op Bank Group MD Gideon Muriuki said.
Its gross profits rose to Sh20.7 billion up from Sh18.2 billion in the previous financial year as it deepened the financial inclusion model rooted in over 15 million members of the cooperative movement in the country.
The banks’ total operating income grew 10.9 per cent to Sh48.5 billion up from Sh43.7 billion in 2018. This is attributed to growth in total interest income that rose to Sh43.6 billion and growth in interest income from government securities that rose 16 per cent to Sh11.4 billion.
Net loan advances rose by 8.7 per cent to Sh332.8 billion from Sh306.1 billion in 2018.The bank announced that it has successfully moved 90 per cent of customer transactions to alternative channels that include self-service kiosks in 159 branches, 24-hour contact centers, mobile banking, 583 ATMs and 16,700 agents.The bank’s subsidiaries including the Co-op […]