Mr.Gedion Muriuki, CEO Co-op Bank of Kenya
THE Co-operative Bank of Kenya is projecting to hit the Sh7 billion mark in its full year profits, surpassing last year's Sh5.7 billion profit before tax. The bank told its shareholders on last week that it was confident of attaining the target on the back of an increasing customer numbers, managed costs and good performance from subsidiaries.
Co-op Bank's three-month profit before tax for the period ended March 31, 2011 rose 57 per cent to reach Sh2billion up from Sh1.3billion over the same period the previous year. Loan portfolio rose by 41 per cent
from Sh65.1billion to Sh91.5bn. "We are very optimistic that we shall achieve this target," said managing director Gideon Muriuki during the bank's annual general meeting a week ago. "Our subsidiaries are doing very well."At the AGM meeting held recently, the shareholder's approved a plan by the bank to raise its share capital to Sh5 billion up from the current Sh3.7 billion. Shareholders also approved a 40 cents dividend per share for the year ended 31 December 2010, which is the highest amount the bank has ever paid.
from Sh65.1billion to Sh91.5bn. "We are very optimistic that we shall achieve this target," said managing director Gideon Muriuki during the bank's annual general meeting a week ago. "Our subsidiaries are doing very well."At the AGM meeting held recently, the shareholder's approved a plan by the bank to raise its share capital to Sh5 billion up from the current Sh3.7 billion. Shareholders also approved a 40 cents dividend per share for the year ended 31 December 2010, which is the highest amount the bank has ever paid.
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