CO-OPERATIVE BANK BOUNCES BACK FROM COVID-19 EFFECTS

Managing director and chief executive officer of co-operative bank has said the growth was in line with the lender's focus that supports growth. During the period under review, the bank 's total assets grew from ksh.82 billion to ksh.592.9 billion compared to ksh.510.9 billion in the same period last year.

CO-OPERATIVE BANK BOUNCES BACK FROM COVID-19 EFFECTS
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Gideon Muriuki who is a managing director and chief executive officer in co-operative bank said the growth was in line with the lender’s focus that supports growth, agility and resilence.During the period under review, the lender’s total assets grew from Ksh.82 billion to KSh 592.9 billion compared to ksh.510.9 billion in the same period last year.

While the net loan and advances book grew by 7.8% to Ksh.22.1 billion from ksh.284.2 billion to ksh.306.3 billion, whereby customer deposits grew by 12% from ksh.375.5billion to ksh.420.4 billion. The co-operative bank of Kenya has registered ksh.11.6 billion profit after tax at the close of the third quarter of 2021, up ksh.9.8 billion during a similar period in 2020.

Co-operative Bank photocourtesy

During the period under review, the bank’s total assets grew from ksh.82 billion to ksh.592.9billion compared to ksh.510.9 billion in the same period last year .The net loan and advances book grew by 7.8% to ksh.22.1billon from ksh.284.2billion to KSh. 306.3 billion, while customer deposits grew by 12% from ksh.375.5billion billion to ksh.420.4 billion. The lender increased loan loss provisions to KSh 6 billion in the third quarter of the year. Borrowed fund rose by 67.6%to KSh 43.8 billion from KSh 26.2 billion in 2020. It was reported that KCB group doubled it’s net profit in the nine months ending September 2021. Its profit jumped to KSh. 25.2 billion from ksh.109 billion a year ago marking a 131% jump.In a statement the company attributed the improved performance to higher income and reduced provisions as recovery from the COVID-19 pandemic accelerated in the year‘s third quarter.