Corporate News
A customer receives service at a Co-op Bank banking hall. The lender has
announced a 29 per cent growth in earnings for the three months to
March. PHOTO | FILE
By MUGAMBI MUTEGI, pmutegi@ke.nationmedia.com
Co-operative Bank
has announced a 29 per cent growth in earnings for the three months to
March, posting Sh3.17 billion in net profit compared to Sh2.46 billion
recorded during a similar period last year.
The lender, the first NSE-listed bank to announce its
quarter one results, recorded the growth on the back of a 21 per cent
increase in net interest income to Sh5.85 billion compared to Sh4.82
billion last year.
Co-operative Bank’s total assets grew by 25 per
cent to Sh309.6 billion with the lender’s loans and advances to
customers during the period standing at Sh184.1 billion or 68 per cent
of total assets.
The bank, which recently retrenched 160 employees
as part of a transformation agenda, saw its total operating expenses
increase three per cent to Sh4.3 billion compared to Sh4.16 billion last
year.
“The performance is on the backdrop of the “Soaring
Eagle’ transformation project which the bank embarked on in year 2014
with critical focus on improving operational efficiencies, cost
management and increasing frontline productivity,” said Gideon Muriuki,
the bank’s managing director.
The lender reported a profit after tax of Sh8
billion for the year ended December 2014 compared to Sh9.1 billion
recorded in the previous year.
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