Co-operative Bank of Kenya’s profit after tax grew by 4.4% to Ksh3.6 Billion in the first Quarter of 2019 compared to a similar period in 2018. Non-interest revenue went up by 19.1% to Ksh4.2 Billion while the net interest income dropped by 6.5% to Ksh6.9 Billion.
Speaking at the 11th AGM held on 23rd May, the Group’s CEO and MD, Dr. Gideon Muriuki stated that the year 2018 dividend amounted to a total cash payment of Ksh5.9 Billion, the highest payout to shareholders since the listing of the Bank on the Nairobi Securities Exchange (NSE) in December 2008.
Gideon Muriuki, @Coopbankenya Managing Director and CEO: Our focus area of expansion is Ethiopia. It is a big market with a population of over 80 million people. We will use an inclusive growth model.
We have a critical focus on being a digital bank.#tukonews #Coop2019AGM pic.twitter.com/5WY5BiySeJ— Tuko.co.ke (@Tuko_co_ke) May 23, 2019
The bank has a total of 155 branches, 4 million customers on Mco-op Cash mobile banking, 580 ATMs and over 12,000 agent locations.
“This is reflected in the sustained growth in market share across all market segments and counties, which has progressively deepened our celebrated financial inclusion model rooted in the over 15 million-member co-operative movement, that is the face of Kenya,” Muriuki said.
Our vision is 'To be the dominant Bank in Kenya & in the Region riding on the unique Co-operative Model providing innovative financial solutions for distinctive customer experience' #Coop2019AGM
— Co-op Bank Kenya (@Coopbankenya) May 23, 2019
Key Highlights.
- Total assets increased by 7% to Ksh425.7 Billion
- Provisions decreased by 34.3% to Ksh0.5 Billion
- Investment in government securities went up by 35.9% to Ksh106.1 Billion
- Net loans went down by 0.5% to Ksh251.6 Billion
- Deposits increased by 7.4% to Ksh317.8 Billion
- The bank has a total of 155 branches, 4 million customers on Mco-op Cash mobile banking, 580 ATMs and over 12,000 agent locations.
- Co-op Bank Foundation has provided Scholarships for gifted but needy students from all regions of Kenya.
- The sponsorship includes; fully-paid secondary education, full fees for University education, internships and career openings for beneficiaries. The foundation is fully funded by the bank and has so far supported 7,689 students since the inception of the program.
- The Co-operative Bank Group will continue to deliver good performance as it focuses on the growing the 8.2 million account-holder base, digital banking, the basket of innovative financial solutions, efficient delivery of services and multichannel access to retain market position and deliver business growth and profitability in the days ahead.