Co-op Bank Group Thursday posted a net profit of Ksh 16.5 billion for the fiscal year 2021 ending December 31 compared to Ksh 10.8 Billion reported in 2020 on higher income.
“This is the best performance ever by the Bank and is in line with the Group’s strategic focus on Sustainable Growth and Transformation,” Dr. Gideon Muriuki the Group Managing Director & CEO said in an emailed statement.
Key Highlights
Financial Position
Total Assets grew to Kshs. 579.8 Billion, a +8% growth from Kshs 536.9 Billion in the year 2020
Net loans and advances book grew to Kshs. 310.2 Billion, a +8% growth from Kshs.286.6 Billion in the year 2020
Investment in Government securities grew to Kshs. 184.1 Billion from Kshs. 161.9 Billion in 2020, a +14% growth.
Customer deposits grew to Kshs 407.7 Billion, a +8% growth from Kshs. 378.6 Billion.
Borrowed funds from development partners stood at Kshs 42.9 Billion from Kshs.46.0 Billion in 2020.
Shareholders’ funds grew to Kshs. 100.2 Billion (+10%) from Kshs. 90.7 Billion in 2020 enabling us to continue pitching for big-ticket deals.
Comprehensive Income
Total operating income grew by 12% from Kshs 53.8 Billion to Kshs 60.4 Billion.
Total non-interest income grew by 11% from Kshs 17.5 Billion to Kshs 19.4 Billion.
Net interest income grew by 13% from Kshs 36.3 Billion to Kshs 41.0 Billion.
Total operating expenses improved by 3% from Kshs 39.4 Billion to Kshs. 38.1 Billion.
The Board of Directors has recommended subject to shareholder’s approval at the next Annual General Meeting on 29th May 2022, a dividend payment of Ksh. 1 per share equivalent to Kshs. 5.9 Billion payment.
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