Co-operative Bank Records a 10.9B Pretax Profit

The bank’s profit was hardly unchanged in comparison to the previous year’s pretax profit of 10.8 billion shillings.

Speaking during the announcement, the bank’s Managing Director Dr. Gideon Muriuki blamed this on a one-off cost of 1.3 billion shillings that the bank was forced to incur when it retrenched 160 managers towards the end of last year.

During the period under review, Co-op Bank’s net loans increased by 31 percent to 179.4 billion shillings.

Interest income earned from loans and advances rose by 23 percent to 24.7 billion shillings.

Uriuki now says that the bank's management is aiming to grow tprofitability by at least 30 percent this year as it reviews its business processes, with the help of a global consulting firm McKinsey and Company.

By Wangui Ngechu