Co-operative bank has posted good results despite economic strains caused by the COVID-19, according to a recent research.
Co-operative rose from position three in 2019 to two this year’s first quarter, with its gross non-performing loan ratio in this year recording a 10.8 percent as opposed to a 11.2 percent in 2019.
The research was conducted by the Cytonn Financial Services Research Team, focussing on perfomances of about 38 commercial banks, 13 microfinance banks, 74 foreign exchange bureaus, 18 money remittance providers in Kenya.
“Kenya’s banking sector showed resilient performance despite the tough operating environment which was largely attributed to persistent revenue diversification” Cytonn stated.
Co-operative bank is one of the leading commercial banks in Kenya with assets of Sh457 billion shillings as of 2019 report.
Last year the bank made 20.7 billion shillings before tax, an increase from 18.2 billion shillings in 2018.
“Customers deposit grew by 8.7 percent from Sh306.12 billion to Sh332.82 billion shillings” the bank stated.
The bank has also moved nearly 90 percent of its customers to transactions to alternative delivery channels that include self-service kiosks in 159 branches, an expanded 24-hour contact centre, mobile banking, 583 ATMs, internet and over 16,700 co-op Kwa Jirani banking agents.