Co-op Bank projects rise in 2015 profit as it eyes regional expansion

Co-operative Bank of Kenya expects increased profitability this financial year as its transformation agenda enters the home stretch. Group Chief Executive Gideon Muriuki projects that the bank’s full-year profitability will grow by a third, from the Sh8 billion announced for the period ending December 31, 2014. The growth will be supported by emerging lending opportunities and income from fees and commissions.

He is upbeat about 2015’s performance, and retained loan and deposit growth target for this financial year at 30-35 per cent and 25-30 per cent, respectively. “Overall, management is optimistic about 2015 performance and we expect the momentum to be maintained going forward,” Standard Investment Bank Research said in a note to investors.