Co-operative Bank Of Kenya on Thursday released its Full Year 15 results posting a profit after tax growth of 46.2% to Ksh 11.7 Billion.
Key Highlights
- Net Interest Income grew by 9.0 to Ksh 23.2Billion driven by a 16.2% increase in loan and advances to Ksh 208.6 Billion.
- Earnings Per share grew by 36.7% to Ksh 2.31
- Return On Assets was up by 3.4%.
- Non-Funded Income increased by 22% to Ksh 13.2 Billion. This was driven by a 9.1%growth in fees and commissions to Ksh 9.5 Billion, a 125.2% rise in forex income to Ksh 3.2 Billion due to heightened forex activity in South Sudan as well as the switch to a customer centric model under the “Soaring Eagle” restructuring plan.
Prospects,Share Price Movement & Dividend
- Coop Bank expects a 20% growth in profit before tax in Full Year 2016 with a 19.0% growth in loans and advances and a 25.0% growth in deposits. They also expect a Return on Equity of 25% and a Return on Assets of 4% due to the implementation of the McKinsey driven “Soaring Eagle” transformation strategy
- Co-operative Bank of Kenya Ltd set a new one year high during Thursday’s trading session when it reached Ksh 23 before coming back to Ksh 21.The rally was attributed to the Profir rise & dividend growth.
- Over the last one year, the share price is up 2.44%.
- The directors recommend a first and final Dividend Per Share of Ksh 0.80 (Dividend Yield of 3.8%).
