This archive report was first published on 15 November 2019.
Co-operative Bank of Kenya (Co-op Bank) has reported a net profit of Sh10.9 billion for the nine months to September, marking a six per cent growth from Sh10.3 billion in the corresponding period last year.
The bank attributed the growth to its focus on digital banking, with its Mco-op Cash mobile wallet playing a pivotal role in the growth of non-funded income. The platform has registered over 4.7 million customers and disbursed loans worth Sh27.6 billion as of the close of the third quarter in 2019.
Co-op Bank's loan book grew six per cent to Sh268.9 billion, while total assets grew nine per cent to Sh440.8 billion. Customer deposits also increased by nine per cent to Sh322.5 billion.
"Key focus on digital banking, with the all-telco Mco-op Cash Mobile Wallet, continued to play a pivotal role in the growth of non-funded income," said Co-op Bank Group Chief Executive Gideon Muriuki in a statement.
The bank has also seen success in its move to focus on small and medium enterprises (SMEs), with Sh5.4 billion advanced to SMEs and a target of Sh15.2 billion set for the year.
Co-op Bank has been mentoring some of the SMEs in managing their businesses, with over 56,800 customers taking up the MSME packages launched in 2018 and 4,000 trained on business management and planning.
Co-operative Bank of South Sudan, a joint venture with the Government of South Sudan, made a profit before tax of Sh174.7 million in the third quarter.
