Co-op Bank Reports KSH 18.2 Billion Profit for the First Half of 2024
Co-op Bank announced that it made a profit before tax of KSh 18. 240 billion and a laudable 10 billion for the first half of year 2024. Seven per cent increase from KSh 16. 4 billion level seen in the conditions of the first half of the 2023. This is a post tax profit of KSh 13 billion as compared to KSh 12. 1 billion in 2023 which has been reported here in this forum.
Performance Highlights
Â
The impressive result reflects the group’s strategy aimed at sustainable organic growth, solidity and flexibility which provided for the Bank Return on Equity of 22. 1%
Strong Digital Footprint
A core Banking System, which gives the chance for the organisation’s development and improved performance.
The bank has remained keen in using the new core banking system – the latest version of Finacle from Infosys, which has been ranked among the best platforms globally – to enhance the group’s digital synergy. The system will additionally provide better service delivery and advanced and modern solutions in banking. In the diction channel the bank manages to have over 93 per cent of all the customers transaction being relocated to the following strategic areas, 24-hours contact centre, 604 ATMS/CDMs, mobile and internet banking, and over 17,000 Co-op kwa Jirani agents /Networks.
Its Omni-channel platform still provides the users the conveniences and immersed experience. The platform connects with the online banking with the use of personal computers, mobile phones, and USSD give services to all our customers electronically through their chosen channel but feel and transact from wherever they are.
Non funded income streams Mco-op Cash Mobile wallet remains robust with non-funded income of Kshs 36. 4 Billion in loans disbursed in 1H2024; The average table below shows: 6. 1 Billion per month. More than 223000 customers have adopted the MSME packages that were floated in the 2018 with the 63500 being trained in business management. In H12024, expenditure was made in the amount of Kshs. 7. Has successfully disbursed Ksh 5 Billion to MSMEs via our Mobile E-Credit. MSMEs make up 15. It comprises 9% to total Loan Book.
The novel approach of affordability of banking services for FOSA supports cash for enhancing FOSA operation and equips 484 FOSA outlets as a means of offering banking services to over 15 million Sacco members including the rural/remote areas.
Addition to the MSCI Index
MSCI (Morgan Stanley Capital International) had developed the MSCI Kenya Index that captures the performance of large and mid- cap companies listed in the NSE allowing foreign investors to get real time flow of the NSE market hence enhancing their capacity to make investment decisions.
A large and growing number of branches
Branch network has grown to total of 199 outlets (4 in the new country of South Sudan). Other outlets are intended to be established this year, with two of them placed in Imaara Mall on Mombasa Road-Nairobi and at Ugunja in Siaya have already been opened. Kingdom Bank, a suseidiary of the Bank joined the Meru County market opening it’s 22nd branch, out of which 3 branches have been opened this year alone. There is a strong emphasis in the new branch to serve the ever-growing agricultural population in Meru and its environs, and at the same time to act as a stimulus to the growth of business activities in the region. Co-operative Bank of South Sudan has operationalised fifth branch in Wau that will see business expansion and financial accessibility in South Sudan.
