Cooperative Bank Group recorded a nine per cent growth in pre-tax profit for the full year ended December 31, 2013.
The Group’s 12-month profit before tax (PBT) expanded to Sh10.87 billion from Sh9.98 billion, due to an increase in the inflow of revenues from banking transactions and the Group’s diversified product offerings. Its total income rose 17 per cent to Sh27.89 billion from Sh23.85 billion.
Total customer deposits increased eleven per cent to Sh180.9 billion from Sh163.1 billion while net loans and advances surged 15 per cent to Sh137.1 billion from Sh119.1 billion.
KCB Group, the country’s largest bank by branch network, reported a 17 per cent growth in pre-tax profit for the full-year ended December 31, 2013 to Sh20.1 billion from the previous year’s Sh17.2 billion.
Barclays Bank of Kenya (BBK), however, suffered a 14 per cent drop to Sh11.13 billion from Sh13.02 billion. The management attributed the dismal performance to a one-off restructuring cost amounting to Sh788 million, increase in loan impairment charges and the slowdown in economic activities during the first half of the year due to the general elections.
Standard Chartered Bank’s pre-tax profit increased to Sh13.35 billion from Sh11.55 billion in a similar period. Its earnings show best how banks rip-off customers. Net interest income went up to Sh16.76 billion from Sh14.24 billion.
Interest on customer deposits fell to Sh3.36 billion from Sh3.78 billion, while interest income on loans and advances grew to Sh15.52 billion from Sh14.9 billion.
CfC Stanbic Bank’s pre-tax profit surged to Sh7 billion from the previous year’s Sh4.71 billion. Interest income on loans and advances declined to Sh7.53 billion from Sh10 billion in 2012 while interest on customer deposits fell to Sh2.19 billion from Sh4.27 billion.