17th November, 2016
Co-operative bank of Kenya has registered a 22.% jump in it’s quarter three profit after tax for the period ending September 2016. The10.5 billion shillings posted by the bank was majorly driven by the bank’s ambitious transformational strategy. Co-op is among the tier one banks to post its numbers after Kenya commercial bank and equity bank. The bank has attributed the positive performance to prudent cost containment as well as efficient use of its technology platforms. Speaking at an investor briefing earlier, the group ceo dr. Gideon Muriuki lauded the performance noting the bank was keen on growing customer loans by use of alternative delivery channels. Despite the new law capping interest rates the bank further saw a surge in customer net loans which rose 6.9%. Another key area the bank will be eyeing moving forward is, to grow her deposits which remained low growing at 1.2% compared to last quarter. Co-op bank’s subsidiary in south Sudan made a rebound