Cooperative Bank profits up by 31 percent

By Standard Digital Reporter

NAIROBI, KENYA: Cooperative Bank has announced 31 per cent increase in its quarter one profits driven by its strategy to grow balance sheet and transaction based income.

The bank reported a remarkable profit before tax of sh 3.23 billion for the quarter ended March 31 compared to sh 2.47 billion recorded for the same period in 2012.

“The profit adjustment underpins the continued and sustained growth of our business and is in line with our strategic focus to progressively grow our balance sheet and transaction based incomes,” said Gideon Muriuki, Group Managing Director.

“We continued enhancing our universal banking model, with a wide range of financial services in Small and Medium Enterprises, treasury, and agent banking which has widened our income base,” he said.

During the period under review, the bank grew its customer base to over 3.3 million, and opened five more branches bringing total network to 119 branches.

Key highlights of the bank’s performance include increase in customer deposit to sh 162 billion compared to 146 billion in the period under review. The loan book increased by 5 per cent to sh 119 billion from 113.6 billion in 2012 mainly supported by the banks diversified new product lines and sustainable, competitive pricing mechanism.