In the financial year that ended on the 31st of December 2020 commercial bank; Co-operative Bank of Kenya, achieved a net profit of 10.8 billion Kenyan Shillings. This is a 25 percent drop when compared to the 14.3 billion Kenyan Shillings in net earnings that it achieved during a similar period in 2019.
The Co-operative Bank of Kenya which is licensed by the Central Bank of Kenya, saw provisions for bad loans rise notably to 8.1 billion Kenyan Shillings from the 2.5 billion Kenyan Shillings that was the case in 2019.
The balance sheet for the Co-operative Bank of Kenya rose to 536.9 Billion Kenyan Shillings in 2020 as opposed to the 457 billion Kenyan Shillings that was the case in 2019.
Its net loans to customers during the period in review, increased to 286.6 billion Kenyan Shillings from 266.7 billion Kenyan Shillings.
In 2020 the Co-operative Bank of Kenya’s customer deposits rose to 378.6 billion Kenyan Shillings from the 332.8 billion Kenyan Shillings that was the case in 2019. Its interest income from loans to customers reached 33.5 billion Kenyan Shillings in 2020 from the 31.8 billion Kenyan Shillings which was the case in 2019. Its total shareholders’ funds hit a high of 90.7 billion Kenyan Shillings which is significantly higher than the 79.3 billion Kenyan Shillings achieved in 2019.
The Co-operative Bank of Kenya’s total interest income from deposits with other banks, loans, government securities, as well as other interest income stood at 48.8 billion Kenyan Shillings. This is growth when compared to the 43.6 billion Kenyan Shillings that was the case in 2019.
Its total operating income went from 48.5 billion Kenyan Shillings which was the case in 2019, to 53.8 billion Kenyan Shillings in 2020. Its gross non-performing loans moved from 31.6 billion Kenyan Shillings in 2019 to 59.1 billion Kenyan Shillings in 2020.
The Net Non-Performing Loans for Co-operative Bank of Kenya has increased to 5.8 billion Kenyan Shillings from zero in 2019.
The Directors of Co-operative Bank of Kenya have suggested a payment of 1 Kenyan Shilling per share to be paid out on or before the 14th April 2021 to all shareholders on its register by the close of business on the 31st of March 2021.
The Co-operative Bank of Kenya’s shareholder register will continue to stay closed on the 13th of April 2021 in order to prepare for the dividend warrants.
The bank will be holding a virtual Annual General Meeting (AGM) this year. A separate notice with more information, will be issued by the bank.
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