This archive report was first published on 15 November 2019.
Co-op Bank has made significant strides in its digital banking strategy, with 89% of customer transactions now taking place outside of branch networks. This shift has been facilitated by the bank's multi-channel approach, which includes mobile banking, a 24-hour contact centre, 586 ATMs, internet banking, and over 16,000 Co-op Kwa Jirani banking agents.
Speaking to investors, Co-op Bank CEO Dr. Gideon Muriuki emphasized the bank's commitment to delivering good performance, citing the growth of its 8.7 million account-holder base, digital banking, and innovative financial solutions as key drivers of its success.
According to the bank's Q3 results, net earnings increased marginally from KSh 10.3 billion to KSh 10.9 billion, while pre-tax profit grew by 6% to KSh 15.45 billion compared to the same period in 2018. The bank's balance sheet size also expanded by 9% to KSh 440.8 billion, with net loans and advances growing by 6% to KSh 268.9 billion.
Co-op Bank's investment in government securities also saw a significant increase, growing by 13.7% to KSh 94.6 billion. The bank operates a diverse range of subsidiaries, including Kingdom Securities Ltd, Co-optrust Investment Services Limited, and Co-operative Consultancy Services (K) Limited, as well as a 24.8% stake in CIC Insurance Group.
