Shareholders of Co-op Bank Group will take home Sh5.9 billion in dividends after reporting a net profit of Sh16.5 billion compared to Sh10.8 billion reported in 2020.
“The Board of Directors has recommended subject to shareholders approval at the next AGM on 29th May 2022, a dividend payment of Sh1.00 per share – Sh5.9 billion payment,” said Co-op in a statement.
The lender says this is the best performance ever, and is in line with the group’s strategic focus on sustainable growth, and transformation.
The Group saw total assets grow to Sh579.8 billion from Sh536.9 billion in year 2020 while net loans and advances book grew to Sh310.2 billion from Sh286.6 billion the previous year.
The lender invested Sh184.1 billion in government securities having increased from Sh161.9 billion in 2020, a +14% growth.
Customer deposits grew to Sh407.7 billion, a +8% growth from Sh378.6 billion while shareholders’ funds grew to Sh100.2 billion from Sh90.7 billion in 2020 enabling us to continue pitching for big ticket deals.
The lender borrowed 42.9 billion funds from development partners compared to Sh46.0 Billion in 2020.
The total operating income grew by 12 per cent from Sh53.8 billion to Sh 60.4 billion as total non-interest income increased from Sh17.5 illion to Sh19.4 billion.
A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve over 9 million Account holders across all sectors.
“Through our multi-channel strategy, the Bank has successfully moved 94% of all customer transactions to alternative delivery channels, an expanded 24-hour contact centre, mobile banking, 561 ATMs, internet banking and over 26,000 Co-op Kwa Jirani agency banking terminals,” said Co-op Bank in a statement.
Key focus on digital banking, with the all-telco Mco-op Cash Mobile Wallet continuing to play a pivotal role in the growth of non-funded income with 5.3 Million customers registered and loans worth Kshs 71.2 Billion disbursed year-to-date, averaging Kshs. 6 Billion per month.
Over 144,000 customers have taken up the MSME packages that we rolled out in 2018, and 19,963 have been trained on business management skills. To date, we have disbursed Kshs. 42.5 Billion to MSMEs through our E-Credit solution.
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