× Digital News Videos Health & Science Opinion Education Columnists Lifestyle Cartoons Moi Cabinets Kibaki Cabinets Arts & Culture Gender Podcasts E-Paper Tributes Lifestyle & Entertainment Nairobian Entertainment Eve Woman TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×
VAS

Cooprative Bank of Kenya profits increase by 31 percentc in first quarter of 2013

COUNTIES
By fred Obura | May 15th 2013

By Standard Digital Reporter

NAIROBI, KENYA: Cooperative Bank has announced 31 per cent increase in its quarter one profits driven by its strategy to grow balance sheet and transaction based income.

The bank reported a remarkable profit before tax of sh 3.23 billion for the quarter ended March 31 compared to sh 2.47 billion recorded for the same period in 2012.

“The profit adjustment underpins the continued and sustained growth of our business and is in line with our strategic focus to progressively grow our balance sheet and transaction based incomes,” said Gideon Muriuki, Group Managing Director.

“We continued enhancing our universal banking model, with a wide range of financial services in Small and Medium Enterprises, treasury, and agent banking which has widened our income base,” he said.

During the period under review, the bank grew its customer base to over 3.3 million, and opened five more branches bringing total network to 119 branches.

Key highlights of the bank’s performance include increase in customer deposit to sh 162 billion compared to 146 billion in the period under review. The loan book increased by 5 per cent to sh 119 billion from 113.6 billion in 2012 mainly supported by the banks diversified new product lines and sustainable, competitive pricing mechanism.

 


 

Share this story
Women handbags contaminated with bacteria more than toilet
Women’s handbags are contaminated with more bacteria than the average toilet, a new study has revealed.
Opening Ceremony: Kenya takes her pride of place as 2020 Tokyo Paralympic Games begin
Team Kenya Paralympics strolled majestically into the Tokyo Olympic Stadium led by captain Rodgers Kiprop and Powerlifter Hellen Wawira for the Openin

.
RECOMMENDED NEWS

;
Feedback