In a move to expand its customers-base, Co-operative Bank of Kenya has opened a new branch in Kamakis, at Greenspot Towers in a growth drive strategy.
The bank serves the banking needs of individuals, small businesses, and large corporations, focusing on the needs of cooperative societies in Kenya.
The expansion of physical presence is aimed to complement the bank’s robust digital banking channels that continue to grow in popularity to now handle more than 90% of customer transactions.
The bank also opened another branch in Kamulu, Machakos County.
The new branches being opened by Co-op Bank are part of the implementation of its medium-term strategy focused on local expansion.
The bank has said that it is yet to maximize opportunities in the Kenyan market which remains the most profitable for homegrown lenders.
The lender in a recent statement said it is opening new branches despite migrating 90 percent of transactions online because its large base of retail clients and partners – individuals, SACCOs, and agents— needs cash management and other support services.
“The emerging theory that bank branches and ATMs will cease to exist is largely wishful thinking driven by the desire to cut brick-and-mortar costs, and not by credible customer feedback on the service outlets through which customers prefer to be served,” Co-op Bank’s chief executive Gideon Muriuki said.
Co-op Bank's net earnings for the nine months to September 2022 grew 47 percent to Sh17.1 billion on effective cost management.
According to the bank's financial results, the performance delivered a competitive Return on Equity of 23 percent to shareholders.
Shareholders’ funds grew to Sh100.9 billion, a 6.2 percent increase from Sh95 billion in 2021.
Total Assets grew to Sh622.1 billion, a five percent growth from Sh592.9 billion in the same period last year.
Net loans and advances grew to Sh335.2 billion, a 9.4 percent growth from Sh306.3 billion in 2021.
Meanwhile, Coop Bank remains the top contributor, so far, to President William Ruto's anti-hunger fundraising appeal.
The lender has extended a contribution of Sh150 million to the fund, the largest donation so far.
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