The cooperative Bank Group has reported a profit before tax of 5.1 billion shillings for the first Quarter of 2020, a performance similar to the one recorded a year ago in the first quarter of 2019.
Total operating income grew by 12.5% from Kshs 11.1 billion to Kshs 12.5 billion. Total non-interest income increased by 19% from Kshs 4.2 billion to Kshs 5.0 billion. Net interest income increased by 8.5% from Kshs 6.9 billion to Kshs 7.5 billion. Total assets grew by Kshs 44.7 Billion (+10.5%) to Kshs. 470.4 Billion from Kshs 425.7 Billion recorded in first quarter of 2019.
The group says it has put in place comprehensive mitigation strategy intended to ensure banking services continue being accessible to customers in a safe environment consistent with the ministry of Health Guidelines.
“The group notes the strong performance in the first quarter of this year, and continues to pay close attention to the enormous challenge posed by the pandemic with a view to sustaining full and uninterrupted business operations in the days ahead,” said the bank in a statement.
This as, Shareholders’ funds grew to Kshs. 82.0 billion (+12.7%) from Kshs 72.8 billion in 2019. MCo-opCash Mobile Wallet has continued to play a pivotal role in the growth of non-funded income with 5.6 Million customers registered and loans worth over Kshs. 16 Billion disbursed in Quarter 1 2020.
Over 85,252 customers have taken up the MSME packages that we rolled out in 2018, and 5,000 have been trained on business management and planning. Coop has earmarked KShs. 15.2 billion for MSME lending, with Kshs. 12.4 billion disbursed to date.