The Co-operative Bank of Kenya has registered a profit before tax of 10.44 billion shillings for the first half of 2019 in the financial results released by the lender on Thursday.
The 10.44 billion shillings in pretax profits for H1 of 2019 is an increase from 9.98 billion shillings recorded at the same time in 2018.
The pretax profits grew by 5 percent despite the prevailing challenges in Kenya’s economy including the persistence of the Interest Capping Rate.
Co-op Consultancy & Insurance Agency contributed Kshs 353.3 million as at 30th June 2019. while Co-op Trust Investment Services has aggressively grown the funds under management to almost Ksh 100 billion.
The bank closed the quarter on a sound capital base, with adjusted total capital against total risk-weighted assets standing at 16.7%, which is 2.7% above the statutory minimum of 14.5%.
Total assets grew by Kshs 31.2 Billion (+8%) to Kshs. 430 Billion compared to Kshs 398.4 Billion in the same period last year.Net loans and advances book grew by 3% from Kshs.252.1 to Kshs. 257.6 billion. Investment in Government securities grew by Kshs.14.8 billion (+18.4%) to Kshs. 95 billion compared to Kshs. 80.2 billion in the first half of 2018.
The lender’s total assets grew by 31.8 billion shillings, an increase of 8 percent to 430 billion shillings compared to 398.4 billion shillings at the same time in 2018.
Investment in government securities grew by 3 percent from 252.1 billion shillings to 257.6 billion shillings.
Deposits from the customers grew by 8.3 percent from 300 billion shillings to 325 billion shillings while funds borrowed from development partners increased by 16 percent or 3 billion shillings to 21.5 billion shillings from 18.4 billion shillings in 2018.
Co-operative Bank of South Sudan that is a unique Joint Venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) made a Profit before tax of Kshs 93 Million in Q2 2019 which was 19% drop compared to Kshs 115 Million posted in 2018.