Banking –Kingdom Bank formerly Jamii Bora Bank has turned into a profit generating machine since its acquisition by Cooperative Bank.
In a 2021 report prepared by EMEA Finance, Cooperative Bank had to win their coveted prize of best bank in Kenya during the 2021 edition of the African Banking Awards ABA.
Details show that Coop Bank bought 90 percent shares in Jamii Bora last August which costed a whopping sh 1 billion.
And the latest report has it that the Kingdom Bank is now a profit generating lender with a promise to cross the sh 1 billion mark in the market.
By September 2021, for instance, Kingdom had made a net profit of sh 413.1 million for a period of nine months alone. It was a key improvement owing to the fact that in 2020 the bank had suffered a huge loss of sh 200.9 million.
Moreover, Kingdom Bank’s shareholder funds have grown to sh. 1.6 billion from sh. 1.2 billion over the same period. This remarkable performance has benefited both Co-op Bank and the minority shareholders who have not had to provide additional capital since the buyout was completed.
These results also saw the Coop Bank get awarded as the best bank in responding to customer’s expectations during the 2020/21 pandemic.
Further, the decision to sustain the same dividends to shareholders amid the pandemic saw over 15 million membership laud the board of Directors.
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