The Chairman Co-operative Bank John Murugu (right) going through the bank’s Annual Report flanked by the bank’s Managing Director Gideon Muriuki (left), Vice Chairman Macloud Malonza (second left) and bank shareholders at the Bank’s Annual General Meeting held yesterday at Bomas of Kenya.

 

Cooperative Bank registered a net profit of Sh3.6 billion in the first three months of 2019, as income from Government securities continued to shore up the bank’s profitability.

The bank said there has been more uptake on its credit facilities targeted at SMEs.

This was a six per cent increase from a profit after tax of Sh3.4 billion that the lender made in the same period in 2018.

Cooperative Bank shareholders during their Annual General Meeting.

Interest income from Government securities in the first quarter of 2019 increased by 39.6 per cent to Sh2.8 billion from Sh2 billion in the same quarter last year, as banks stock-piled Government papers to circumvent a law that capped interest rate charged on loans.

READ MORE

 Kenya's economy exhibits unique traits and magic

 New CBK loan pricing model sparks lower lending costs

 World Bank unlocks Sh5.5b green fund for local SMEs

 Unlocking Kenya's next phase of growth through powering SMEs

During the period under review, the lender’s total operating income grew by 1.7 per cent from Sh10.9 billion to Sh11.1 billion