Cooperative Bank Group has posted Ksh 20.7 billion shillings profits before tax for the full year ending 2019, compared to Ksh 18.2 billion shillings posted the same period last year. This is a 14{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} strong growth in the year. Profit after tax was Ksh 14.3 billion shillings compared to Ksh 12.7 billion shillings in the previous year.

Total operating income during this period grew by 10.9{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} to Ksh 43.68billion. The growth in operating income is attributed to an increase in total interest income from Ksh 43.03 billion to Ksh 43.64 billion due to interest income from government securities increasing from 16{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} from Ksh 9.79 billion to Ksh 11.35 billion.

Total assets also grew by Ksh 43.6 billion shillings to Ksh 457 billion from Ksh 413.4 billion as at the close of 2018.Customer deposits grew by 8.7{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} from Ksh 306.12 billion billion to Ksh 332.82billion.

In a statement, Cooperative Bank said its South Sudan subsidiary which is a unique Joint Venture (JV) partnership with the Government of South Sudan (Coop Bank 51{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} and GOSS 49{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33}), also made a profit before tax of Ksh 240.6 million in 2019. However, the performance translated to a monetary loss of Ksh 344.7million attributable to hyperinflation accounting occasioned by current devaluation of the South Sudanese Pound.

The Board of directors has recommended for approval by the Annual General Meeting AGM) the payment of a dividend of Ksh 1.00 per every ordinary share held, subject to approval by the Capital Markets Authority.

Meanwhile, the Cooperative Bank Board of Directors approved the progression of discussions with Jamii Bora Bank, which if successful, will lead to Cooperative Bank Group acquiring the 100{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} shareholding of Jamii Bora Bank. The acquisition will enable Cooperative Bank the opportunity to cross-sell and deepen product offering to the enhanced customer base and create a niche bank, to offer specialized credit offerings that include MSME banking, microfinance, Youth and women banking, Asset finance and leasing.