Co-operative Bank has been named the Best Bank in Kenya at this year’s African Banking Awards 2020 organised by EMEA Finance. This is the third time around, having won again in 2018 and 2019.
The EMEA Finance Awards recognise financial institutions which, through their client focus and sound leadership, continue to increase profitability, deliver affordable credit to the retail and wholesale markets, and support local and transnational corporations do business.
This latest Best Bank in Kenya Award comes in quick succession to recent accolades that saw the bank’s Energy Manager Albert Ouma named ‘Energy Manager of the Year in Sub Sahara Africa’ by the global Association of Energy Engineers for his outstanding accomplishment in promoting the principles and practices of energy management.
In addition, the bank recently joined the global financial community in signing up to the United for Wildlife 2018 Mansion House Declaration.
It may be recalled that Co-op Bank was named Overall Winner of the Kenya Bankers Association (KBA) 2019 Sustainable Finance Catalyst Award. The Awards recognize institutions that practice sustainable finance which has a direct positive impact on the financial sector, the economy, the environment and the society. The bank was also named Best Bank in Sustainable Finance in Kenya at the June 2019 Energy Management Awards hosted by the Kenya Association of Manufacturers, and also feted as Overall Winner in Environmental Sustainability Reporting at the 2019 East African Financial Reporting (FiRe) Awards.
Commenting on the recent accolades, the Group Managing Director & CEO Co-operative Bank, Dr. Gideon Muriuki said, “As a bank that is predominantly-owned by the over 15 million-member Co-operative Movement that is the face of Kenya, we are inclusive by design, which has enabled us to not only deliver shared prosperity today, but also helped us build an awareness and prudence to avoid making decisions that may put future generations in jeopardy.”
Cooperative Bank is a tier 1 bank in Kenya, the fourth largest in terms of assets.
Coop Bank posted KSh 7.2 Billion Net Earnings in the six months period that ended on 30th June 2020. This is compared to KSh 7.5 Billion over a similar period last year. The decline in earnings can be attributed to high non-performing loans arising from the adverse effects of coronavirus.
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