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Cooperative Bank announces Sh8.91 billion jump in profit

By Standard Reporter | November 20th 2013 at 12:00:00 GMT +0300

By Standard Digital Reporter

NAIROBI, KENYA: Cooperative Bank has announced Sh8.91 Billion profit before tax for the nine months period ended September 30 up from 7.49 billion recorded same period last year.

The bank attributes the growth to its progressive balance sheet and transaction based incomes.

“The excellent performance was achieved despite challenging macro-economic environment,” it said in a statement.

During the period under review the bank grew its customers deposit to 180.3 billion compared to Sh156 billion in 2012 an impressive growth of 23.5 billion representing 15 per cent growth.

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The bank’s strategy to manage cost continued during the year focusing mainly on staff optimization which saw the redeployment of staff to newly opened branches.

"With significant investments including the new core banking system, pervasive presence in all counties and the new operations in South Sudan, the bank projects to grow and expand in line with its strategic objectives and perform even better in the years to come."


 


Cooperative Bank Profit South Sudan
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