The Co-operative Bank Group yesterday announced Sh12.7 billion in net profit for year ended December 31,2018, 11.4 percent compared to the previous year. The bank’s gross profits for the year under review stood at Sh18.2 billion compared to Sh16.4 billion in 2017. Co-operative Bank managing director Gideon Muriuki attributed the profit growth to the ‘Soaring Eagle’ business model adopted in 2014 which champions digital transformation and diversified products. The Cooperative Bank’s profit of Sh12.7 billion is second best among five local lenders that have announced their 2018 results. Kenya Commercial Bank group leads the pack with Sh24 billion, Barclays Bank Sh7.4 billion, Diamond Trust Bank Sh7.08 billion and Stanbic Bank at Sh6.17 billion.

Source: The Star March 21, 2019 13:41 UTC