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Loans and advances pushes Co-op Bank’s Q3 profit to Sh10.5bn

GIDEON-MURIUKI-COOP

Co-operatibe Bank MD Gideon Muriuki

NAIROBI, Kenya, Nov 17 – The Co-operative Bank Group has posted Sh10 billion in net profit, a 22.3 per cent growth in the nine months to September 30, 2016 compared to 8.6 billion recorded the previous year.

The growth is attributable to gains arising from the Transformation Project that the bank has been implementing since 2014 with a critical focus on improvement in operating efficiencies, sales force effectiveness and innovative customer delivery platforms.

Total Assets hit 354 Billion shillings a 6.4 per cent growth supported by a growing customer base now standing at 6.1 million account-holders.

Net loans and advances book grew by 6.9 per cent to Sh227.1 billion compared to Sh212.4 Billion in the same period last year.

Deposits grew by Sh3.1 billion to Sh260.6 billion from Sh257.5 billion last year.

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