Co-operative Bank Group CEO Gideon Muriuki
The Co-operative Bank of Kenya has reported Ksh 9.8 billion profit after tax in the 3rd quarter of the year 2020. According to the bank’s statistics, this represented a 10% drop compared to the previous year which was Ksh10.9 billion.
“The group has taken a 90% increase in loan loss provision from Ksh2.1 billion in 2019 to Ksh4 billion in appreciation of the challenges that businesses and households are grappling with from the disruption occasioned by the ongoing pandemic.
“We continue to serve our customers to support them through this period by re-aligning the servicing of facilities, funding and transactional needs as the situation unfolds. As at the close of the third quarter, a total of Ksh46 billion in loans have been restructured to support customers impacted by the pandemic,” Group CEO Gideon Muriuki said in a statement.
The bank’s total assets grew by Ksh70 billion to Ksh510 billion compared to Ksh440.8 billion in the same period in 2019.
Net loans and advances books grew by Ksh15.4 billion from Ksh268.9 billion to 284.2 billion.
Investment in government securities grew by Ksh47.7 billion to Ksh142.3 billion in comparison to ksh94.6 billion in the previous year.
Customer deposits grew by 16% from Ksh322.5 billion to Ksh375.5 billion.
Borrowed funds from development partners decreased by Ksh3.6 billion to Ksh26.2 billion from Ksh29.7 billion in 2019.
Shareholders’ funds grew to Ksh82 billion from Ksh73.9 billion in 2019, enabling the bank to continue pitching for big-ticket deals.
