Cooperative Bank Group has reported Sh11.4 billion in net profit for the year ended December 2017.
Group Managing Director Gideon Muriuki said this was an impressive performance given the difficult operating environment banks had to deal with during the year.
“This is a very commendable performance coming against a backdrop of one of the most challenging operating environments that business had to contend with in the year,” said Muriuki.
He cited the interest rates capping and the slowdown of economic growth as a the main contributors to the difficult operating environment.
The group’s net profitability represents a 10.2 percent drop when compared to the previous year’s performance when it recorded Sh12.7 billion in net profit.
But the group’s asset book continued on the expansion trajectory growing 10 percent to Sh386.9 billion from Sh351.9 billion driven by a 7 percent expansion in loan book to Sh253.9 billion from Sh236.9 billion in 2016.
The group’s board has recommended a Sh0.80 dividend per share.
