Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Profit before tax however increased by 7.5 percent to hit Sh3.47 billion for the quarter ending 31st March 2014 compared to Sh3.23 billion recorded for the same period in 2013/FILE

Kenya

Coop Bank posts Sh2.46bn net profit

Profit before tax however increased by 7.5 percent to hit Sh3.47 billion for the quarter ending 31st March 2014 compared to Sh3.23 billion recorded for the same period in 2013/FILE

Profit before tax however increased by 7.5 percent to hit Sh3.47 billion for the quarter ending 31st March 2014 compared to Sh3.23 billion recorded for the same period in 2013/FILE

NAIROBI, Kenya, May 15 – Co-operative bank has recorded a 5.6 percent decrease in net profit for the first quarter of 2014 to Sh2.46 billion from Sh2.61 billion recorded same period last year.

The decline was as a result of a reversion of tax rate to 30 percent from 20 percent following lapse of a five year break offered as an incentive for listing.

Profit before tax however increased by 7.5 percent to hit Sh3.47 billion for the quarter ending 31st March 2014 compared to Sh3.23 billion recorded for the same period in 2013.

Staff costs increased by 24 percent from Sh1.52 billion recorded in 2013 to Sh1.89 billion while total customer deposits increased by 15.4 percent to Sh187.2 billion compared to Sh162.2 billion in 2013.

The bank’s lending portfolio grew by 30 percent from Sh119.1 billion in 2013 to Sh154.6 billion with the bank’s customer base increasing by 39 percent to over 4.4 million accounts.

The bank’s total assets stood at Sh247.3 billion in the period under review representing a 20.5 percent growth from Sh205.3 billion registered over the same period in 2013.

The bank secured Sh17 billion forex currency lines from the International Finance Corporation, French Development Agency, European Investment Bank and German Development Bank for on lending to the export oriented client base in the period under review.

Shareholders’ funds closed at Sh40.2 billion from Sh31.5 billion as at the close of 1st quarter 2013 representing a 28 percent growth.

Fees and commissions on loans and advances increased to Sh494.7 million in the period under review compared to Sh361.5 million realised in a similar period last year, representing a 37 percent growth.

The bank opened two additional branches in the period bringing the retail network to 135 branches in Kenya and one in South Sudan.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...