Co-Operative Bank Declared Winner In 2019 Banking Awards

By CW Writer
Co-operative Bank of Kenya customers have a reason to continue smiling after their trusted bank was declared the overall winner of the Kenya Bankers Association 2019 sustainable finance catalyst awards.
During the ceremony that was hosted at Serena Hotel, Equity Bank came at position two while the Kenya Women Finance Trust was ranked third.
Among the notable dignitaries who graced the event was Central Bank of Kenya Dr Patrick Njoroge.
In a statement that came after the award, Coop Bank CEO Gideon Muriuki stated, “As a bank that is predominantly-owned by the 15 million-member co-operative movement, we are inclusive by design that has not only enabled us to deliver shared prosperity today, but also helped us build an awareness and prudence to avoid putting future generations in jeopardy.”
The awards were in two categories; One featured the best practice in sustainable finance and sustainability through policy and governance.
The other one had two client studies on financing micro, small and medium-sized companies and financing commercial clients. The second classification also had one bank case study on operations and policy.
On Thursday, the bank posted Sh10.9 billion net profit in the third quarter (Q3) of 2019 driven by 33 percent growth in non-interest income, which stood at Sh14.1 billion.
The Group posted a profit before tax of Sh15.45 billion in Q3 2019 compared to Sh14.64 billion it recorded in a similar period in 2018.
Speaking during a shareholders briefing, CEO Muriuki said total operating income grew by nine percent from Sh32.3 billion in Q3 2018 to Sh35.2 billion.
He said the bank would continue to deliver good performance to it’s growing 8.7 million account-holder base through digital banking, the basket of innovative financial solutions, efficient delivery of services and multichannel access to retain market position and deliver business growth and profitability in the days ahead.
The awards were created to recognize institutions that practice sustainable finance which has a direct positive impact on the financial sector, the economy, the environment and the society at large.
Central Bank of Kenya Governor Patrick Njoroge who spoke at the awards ceremony urged financial institutions to balance their business goals with the socio-environmental and economic concerns.