This archive report was first published on 14 November 2019.
Co-operative Bank Group MD Gideon Muriuki has overseen a significant growth in the bank's profits, with the group reporting a Sh15.45 billion pre-tax profit for the third quarter of 2019.
This represents a 6% growth from the Sh14.64 billion recorded in the third quarter of 2018, driven by growth in non-funded income and cost control.
The bank's profit after tax was Sh10.9 billion, up from Sh10.3 billion in the previous year.
Co-operative Bank has continued to leverage on the benefits of its 'Soaring Eagle' Transformation Agenda, which has equipped the business with a competitive edge and deepened its Financial Inclusion model.
The bank has also seen a significant growth in its customer base, with 8.7 million account-holders across all sectors, and has moved 89% of all customer transactions to alternative delivery channels.
Key focus has been on digital banking, with the all-telco Mco-op CaShMobile Wallet continuing to play a pivotal role in the growth of non-funded income, with over 4.7 million customers registered and loans worth over Sh27.6 billion disbursed as at the close of quarter three 2019.
Co-operative Bank of South Sudan, a joint venture partnership with the Government of South Sudan, made a profit before tax of Sh174.7 million in Q3 2019.
The bank has also received several accolades in Q3, including the EMEA Awards (African Banking Awards) 2019, where it was named Best Bank in Kenya, and the 2019 East African Financial Reporting (FiRe) Awards, where it was named Overall Winner in the Environmental Sustainability Reporting category.
