CO -OPERATIVE BANK PROFITS UP BY 38 P.C. 4 Jun 09
The group recently released their 1st quarter results where they reported a 38% increase in the Profits after Tax to kshs.780 million from kshs.564 million as compared to the same period last year. On their Income, the bank registered a 24% growth in their Net income from kshs.1.56 billion as compared to kshs.1.26 billion reported the same period last year. On 29th May, 2009 the Group held its first AGM as a listed company where it expressed its satisfaction with their current performance as well as outlined on various strategic decisions that they have made.These includes the approval by the Shareholders for the Board to proceed and finalise the acquisition of Bob mathew brokerage firm.This is in line with the banks Strategic plan of converging its services under one roof as well as to grow new business while maintaining the existing one. The Board also got the nod from the shareholders to proceed with the Group’s other Strategic plan of setting up shops in Southern Sudan and Uganda.This is in line with increased competition in the local market and therefore need to explore new areas for business growth as well as provide an insulation against adverse effects on the Group’s profit as a result of reduced business in one region/Country.
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