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Co-op Bank 2017 profit drops to Sh11.4Bn

NAIROBI, Kenya, Mar 15 – The Co-operative Bank has posted Sh11.4 billion in profits for the full year 2017, marking a marginal decline from the Sh12.7 billion it recorded in 2016.   

In a statement, Group Managing Director and CEO Gideon Muriuki attributes the drop to a challenging operating environment which included interest rate caps and lower economic growth in an election year.

Net loans and advances book grew by Sh17 billion to Sh253.9 billion compared to Sh236.9 billion recorded the previous year as deposits grew by 9 percent from Sh263.6 billion to Sh287.7 billion.

During the financial year, the company was able to move 87 percent of all its customer transactions to alternative delivery channels that include mobile banking, 580 ATMs and over 9,000 Co-op Kwa Jirani banking agents.

Across the border, Co-operative Bank of South Sudan (a joint venture with the Government of South Sudan), made a profit before tax of South Sudanese Pounds 192 million which was 135 percent higher than Ssp82 million posted in 2016.

“This performance however translated to a monetary loss of Sh603 million in 2017 attributable to hyperinflation accounting occasioned by currency devaluation of the South Sudanese Pound,” Muriuki says.

The company’s Board of directors has recommended for approval the payment of Sh0.80 per ordinary share held subject to approval by Capital Markets Authority.

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