{"id":39621,"date":"2021-11-18T15:04:12","date_gmt":"2021-11-18T15:04:12","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/?p=39621"},"modified":"2021-11-18T14:00:21","modified_gmt":"2021-11-18T14:00:21","slug":"co-op-bank-posts-ksh16-5-billion-profit-before-tax","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-posts-ksh16-5-billion-profit-before-tax","title":{"rendered":"Co-op Bank Posts Ksh16.5 Billion Profit Before Tax"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Co-operative Bank Group Kenya has reported a 20 per cent growth in their Profit Before Tax, to Ksh16.5 billion for the third quarter of 2021, up from Ksh13.8 Billion posted under the same period in 2020.<\/p>\n

This represents a strong Profit After Tax of Ksh.11.6 billion compared to Ksh9.8 billion reported in third quarter of 2020.<\/p>\n

According to the lender, the strong performance by the Bank exceeds pre-pandemic performance and is in line with the Group\u2019s strategic focus that supports growth, resilience and agility.<\/p>\n

The group further notes that their Assets grew by 16 per cent an equivalent of Ksh.82 Billion to stand and Ksh592.9 billion up from Ksh510.9 billion in the same period last year.<\/p>\n

This as customer deposits jumped by 12 per cent from Ksh375.5 billion to Ksh420.4 billion while the net loans and advances grew by Kshs22.1 billion representing a 7.8 per cent from Kshs.284.2 billion.<\/p>\n

The lender’s disbursement to borrowers also saw an increase of 67.6 per cent to stand at Kshs43.8 billion up from Ksh26.2 billion in 2020. Shareholders\u2019 funds grew to Kshs.95 billion up from Kshs82.0 billion in 2020.<\/p>\n

Further, the lender noted that The Credit Risk Adaptation Project dubbed \u2018Project Kilele\u2019 supported by a Global consulting firm, now in the implementation phase.<\/p>\n

The Group also increased loan loss provisions to Ksh6 billion in the third quarter of 2021, in appreciation of the challenges that businesses and households continue to face due to the effects of the ongoing pandemic.<\/p>\n

A total of Ksh49 billion in loans was restructured during the Central Bank of Kenya (CBK) restructuring window that ended on 31st March 2021, with the restructured facilities largely performing as per the realigned agreements.<\/p>\n

In 2020, the Group secured a long-term financing facility from the International Finance Corporation, IFC, amounting to Ksh8.25 billion for on-lending at affordable terms to MSMEs involved notably in climate-smart projects, sustainable agricultural practices and clean energy.<\/p>\n

Partnered in the $300 million IFC-led Africa Medical Equipment Facility and Philips (a leading health technology company) to support Africa\u2019s health sector operators purchase essential medical equipment and strengthen their response to the pandemic and other medical technology needs.<\/p>\n

“Through our multi-channel strategy, the Bank has successfully moved 93 per cent of all customer transactions to alternative delivery channels; an expanded 24-hour contact centre, mobile banking, 589 ATMs, internet banking and over 23,000 Co-op Kwa Jirani agency banking terminals,” the Bank said in a statement.<\/p>\n

A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve over 9 million Account holders across all sectors.<\/p>\n

Key focus on digital banking, with the all-telco Mco-op Cash Mobile Wallet continuing to play a pivotal role in the growth of non-funded income with 5.3 million customers registered and loans worth Ksh51.3 billion disbursed year-to-date, averaging Ksh5.7 billion per month.<\/p>\n

“Over 139,299 customers have taken up the MSME packages that we rolled out in 2018, and 14,665 have been trained on business management skills. To date we have disbursed over Kshs25 Billion to MSMEs through our E-Credit solution. The lenders unique model of retail banking services through Sacco FOSAs enabled them provide wholesale financial services to over 479 FOSA outlets.”<\/p>\n

The Group secured a $10 Million credit line in partnership with Eco. Business Fund to finance Sustainable Agriculture. Through our multi-channel strategy, the Bank has successfully moved 93% of all customer transactions to alternative delivery channels; an expanded 24-hour contact center, mobile banking, 589 ATMs, internet banking and over 23,000 Co-op Kwa Jirani agency banking terminals.<\/p>\n

Credit Management remains a key focus area aimed at supporting a return to pre-pandemic NPL levels by way of the following interventions.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Co-operative Bank Group Kenya has reported a 20 per cent growth in their Profit Before Tax, to Ksh16.5 billion for the third quarter of 2021, up from Ksh13.8 Billion posted under the same period in 2020. This represents a strong Profit After Tax of Ksh.11.6 billion compared to Ksh9.8 billion reported in […]<\/p>\n","protected":false},"author":84,"featured_media":39620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6857,7003,544],"class_list":["post-39621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nCo-op Bank Posts Ksh16.5 Billion Profit Before Tax - kenya<\/title>\n<meta name=\"description\" content=\"Co-operative Bank Group Kenya has reported a 20 per cent growth in their Profit Before Tax, to Ksh16.5 billion for the t ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-posts-ksh16-5-billion-profit-before-tax\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Co-op Bank Posts Ksh16.5 Billion Profit Before Tax\" \/>\n<meta property=\"og:description\" content=\"Co-operative Bank Group Kenya has reported a 20 per cent growth in their Profit Before Tax, to Ksh16.5 billion for the t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-posts-ksh16-5-billion-profit-before-tax\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-18T15:04:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/11\/img-61965c606c457.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-posts-ksh16-5-billion-profit-before-tax#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-posts-ksh16-5-billion-profit-before-tax\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Co-op Bank Posts Ksh16.5 Billion Profit Before Tax\",\"datePublished\":\"2021-11-18T15:04:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-posts-ksh16-5-billion-profit-before-tax\"},\"wordCount\":602,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-posts-ksh16-5-billion-profit-before-tax#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/11\/img-61965c606c457.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-posts-ksh16-5-billion-profit-before-tax#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-posts-ksh16-5-billion-profit-before-tax\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-posts-ksh16-5-billion-profit-before-tax\",\"name\":\"Co-op Bank Posts Ksh16.5 Billion Profit Before Tax - 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