Co-operative Bank has reported a Ksh14.65 billion in profit before tax for the first nine months of 2018, for the period ending September 30.
This represents a 7 per cent rise attributed to operating efficiencies and cost control.
The profit after tax for the lender was reported at Ksh10.31 billion from Ksh9.54 billion a year earlier.
“Against the backdrop of a challenging economic environment in the period, profit after tax was Ksh10.31 billion compared to Ksh9.54 billion in the previous year. Co-operative Bank of South Sudan made a profit before tax of Ksh235.12 million in the third quarter of 2018 compared with a profit of Ksh39.15 million in the corresponding period in 2017,” read a statement from the bank.
Read: KCB Announces Ksh18 Billion Profit In Q3 Of 2018
Income from government securities went up by 13.5 per cent from Ksh6.12 billion to Ksh6.95 billion.
Growth in interest income from loans and advances to customers rose by one per cent to Ksh23.77 billion from Ksh23.58 billion last year.
Employee costs rose by 12.3 per cent to Ksh8.1 billion while non-funded income rose by four per cent to Ksh10.58 billion. Total interest expenses rose by one per cent to Ksh9.15 billion.
Total assets grew by Ksh15.85 billion, a 4 percent increase to Ksh404.15 billion compared to Ksh388.30 billion in the same period last year.
Net loans and advances book declined marginally by 2 per cent to Ksh254.21 billion compared to Ksh259.39 billion in the same period last year.
Total deposits grew by 3 per cent from Ksh290.19 billion to Ksh297.60 billion. Borrowed funds from development partners dropped by Ksh2 billion (-7%) to Ksh25.98 billion compared to Ksh27.99 billion in the same period the previous year.
Shareholders’ funds grew to Ksh70.89 billion supported by a steady growth in retained earnings.
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