{"id":39660,"date":"2021-11-18T16:43:56","date_gmt":"2021-11-18T16:43:56","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/?p=39660"},"modified":"2021-11-18T14:07:04","modified_gmt":"2021-11-18T14:07:04","slug":"co-op-bank-q3-profit-jumps-to-sh11-6-billion","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-q3-profit-jumps-to-sh11-6-billion","title":{"rendered":"Co-op Bank Q3 profit jumps to Sh11.6 billion"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Co-operative Bank’s net profit for the nine months to September grew 18.4 per cent, buoyed by high income and a return to profitability of its subsidiary Kingdom Bank.<\/p>\n

It recorded a profit after tax of Sh11.6 billion compared to Sh9.8 billion reported in a similar period last year, when the pandemic had hit the economy.<\/p>\n

Kingdom Bank Limited (formerly Jamii Bora Bank) contributed a profit before tax of Sh413 million in Q3 2021, compared to 2020 full year loss of Sh124 million.<\/p>\n

Co-op Bank holds a controlling 90 per cent equity interest in Kingdom Bank.<\/p>\n

The Group’s profit before tax grew to Sh 16.5 billion, a 20 per cent growth compared to Sh13.8 billion recorded in the third quarter of 2020, despite a dismal performance by its subsidiary in Sudan.<\/p>\n

Co-operative Bank of South Sudan, a joint venture partnership with government of South Sudan on a 51:49 per cent ratio returned a monetary loss of Sh104million during the period under review.<\/p>\n

This is attributed to hyperinflation accounting due to currency devaluation of the South Sudanese pound.<\/p>\n

The Group’s overall performance however exceeded pre-pandemic performance.<\/p>\n

Chief executive Gideon Muriuki said focus on digital banking continued to play a pivotal role in the growth of non-funded income with 5.3 million customers and loans worth Sh 51.3 billion disbursed year-to-date.<\/p>\n

This is an average Sh5.7 billion per month.<\/p>\n

Total operating income grew by 19.2 per cent to Sh44.4 billion from Sh 37.2 billion.<\/p>\n

The Group’s total non-interest income grew by 15.6 per cent to Sh15.7 billion from Sh13.6 billion.<\/p>\n

Net interest income grew by 21.3 per cent from Sh23.6 billion to Sh28.7 billion.<\/p>\n

Total operating expenses grew by 19.2 per cent from Sh23.5billion to Sh 28 billion on account of a 50 per cent prudential growth in loan-loss provisions.<\/p>\n

Co-op Bank’s total assets now stand at Sh592.9 billion, having grown by Sh 82 billion from Sh510.9 billion it had same period last year.<\/p>\n

As at September 30, the bank’s loan book stood at Sh306.3 billion, Sh 22.1 billion more compared to Sh284.2 billion same period last year.<\/p>\n

Customer deposits grew 12 per cent from Sh375.5 billion to Sh420.4 billion.<\/p>\n

“Shareholders\u2019 funds grew to Sh95 billion from Sh82billion in 2020 enabling us to continue pitching for big ticket deals,” Muriuki said.<\/p>\n

The Group restructured a total of Sh 49 billion in loans during the CBK restructure window that ended on March 31, with the restructured facilities largely performing as per the realigned agreements, it notes.<\/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’s net profit for the nine months to September grew 18.4 per cent, buoyed by high income and a return to profitability of its subsidiary Kingdom Bank. It recorded a profit after tax of Sh11.6 billion compared to Sh9.8 billion reported in a similar period last year, when the pandemic had […]<\/p>\n","protected":false},"author":84,"featured_media":39659,"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-39660","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 Q3 profit jumps to Sh11.6 billion - kenya<\/title>\n<meta name=\"description\" content=\"Co-operative Bank's net profit for the nine months to September grew 18.4 per cent, buoyed by high income and a return 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-q3-profit-jumps-to-sh11-6-billion\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Co-op Bank Q3 profit jumps to Sh11.6 billion\" \/>\n<meta property=\"og:description\" content=\"Co-operative Bank's net profit for the nine months to September grew 18.4 per cent, buoyed by high income and a return t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-q3-profit-jumps-to-sh11-6-billion\" \/>\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=\"2021-11-18T16:43:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/11\/img-61965df3d2ec4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"475\" \/>\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=\"2 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-q3-profit-jumps-to-sh11-6-billion#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-q3-profit-jumps-to-sh11-6-billion\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Co-op Bank Q3 profit jumps to Sh11.6 billion\",\"datePublished\":\"2021-11-18T16:43:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-q3-profit-jumps-to-sh11-6-billion\"},\"wordCount\":416,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-q3-profit-jumps-to-sh11-6-billion#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/11\/img-61965df3d2ec4.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-q3-profit-jumps-to-sh11-6-billion#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-q3-profit-jumps-to-sh11-6-billion\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/co-op-bank-q3-profit-jumps-to-sh11-6-billion\",\"name\":\"Co-op Bank Q3 profit jumps to Sh11.6 billion - 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