BusinessPeople Daily

Co-op Bank posts 8pc growth in net profit

Zachary Ochuodho @zachuodho

Co-operative Bank Group has reported an eight per cent growth in after tax profit to Sh10.31 billion for the nine-month period ending September 30 compared to Sh9.54 billion returned during a similar period last year.

The group attributes the growth in profit to its Soaring Eagle strategy whose aim is to improve operating efficiencies, deepen product offering through sales force effectiveness, digital banking, innovative financial solutions, efficient delivery of services and multichannel access to grow market share.

The bank has moved 90 per cent of all customer transactions to alternative delivery channels including mobile banking, internet banking and the more than 11,000 Co-op Kwa Jirani banking agents.

The group’s subsidiary – Co-operative Bank of South Sudan made a remarkable profit before tax of Sh235.12 million in quarter three of 2018 compared to a profit of Sh39.15 million in the corresponding period in 2017.

The group’s profit before tax grew by seven per cent to Sh14.65 billion for the period compared to Sh13.74 billion recorded in a similar period in 2017.

Group managing director and chief executive Gideon Muriuki said the performance was an affirmation of the transformation agenda which has re-tooled and equipped the business with the strategic agility and resilience to achieve set objectives even in the difficult trading environment.

“The group will continue to leverage on the benefits arising from the Soaring Eagle transformation project that the bank has been implementing since 2014,” he said.

Show More

Related Articles