{"id":2212,"date":"2023-03-17T13:14:31","date_gmt":"2023-03-17T13:14:31","guid":{"rendered":"https:\/\/ugandajournalistsunion.com\/news\/?p=2212"},"modified":"2023-03-17T13:14:32","modified_gmt":"2023-03-17T13:14:32","slug":"kingdom-bank-sets-new-scales-for-kenyas-cooperative-bank","status":"publish","type":"post","link":"https:\/\/ugandajournalistsunion.com\/wp\/2023\/03\/17\/kingdom-bank-sets-new-scales-for-kenyas-cooperative-bank\/","title":{"rendered":"Kingdom bank sets new scales for Kenya&#8217;s Cooperative Bank"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>By James Wafula in Juba.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>K<\/strong>enya&#8217;s fastest growing lender Cooperative Bank of Kenya may have every reason to expect a bumper harvest as its subsidiary Kingdom Bank soars up like an Eagle!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Kingdom bank, formerly Jamii Bora, has churned a profit in its first full year under the Co-operative Bank of Kenya Group.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The bank which was bought out in August of 2020 posted a Ksh.497.8 million full-year profit in 2021-2022 to reverse a Ksh.10.2 million loss previously.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Co-op subsidiary earnings are anchored on higher-income with total operating income doubling to Ksh.2.8 billion from Ksh.1.4 billion in 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The higher income is premised on rising net interest income which hit Ksh.2.7 billion from Ksh.1.3 billion in the period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is despite the Kingdom&#8217;s net loan book contracting to Ksh.4.4 billion from Ksh.5.6 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Non-funded income (NFI) rose marginally to Ksh.89 million from Ksh.86.8 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Income grew ahead of costs where non-interest expenses rose by 77 per cent to Ksh.2.3 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The significant growth in costs is partly attributable to Ksh.168.1 million in new credit loss provisions over the 12 months.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The new loan-loss provisions are nevertheless against an improving book quality with gross non-performing loans (NPLs) sliding by 11.8 per cent to Ksh.6 billion from Ksh.6.8 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Co-op paid Ksh.1 billion for the bank where the proceeds were infused into the acquisition as new capital.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kingdom Bank now meets all of CBK&#8217;s capital adequacy levels with core capital at Ksh.1.1 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2020, the lender had an eroded financing base with core capital at Ksh.529.5 million, Ksh.470.5 million shy of the prescribed Ksh.1 billion bare minimum limit \u25a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By James Wafula in Juba. Kenya&#8217;s fastest growing lender Cooperative Bank of Kenya may have every reason to expect a bumper harvest as its subsidiary Kingdom Bank soars up like an Eagle! The Kingdom bank, formerly Jamii Bora, has churned a profit in its first full year under the Co-operative Bank of Kenya Group. The&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2212","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kingdom bank sets new scales for Kenya&#039;s Cooperative Bank - WORKERS\u2019 EYE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ugandajournalistsunion.com\/wp\/2023\/03\/17\/kingdom-bank-sets-new-scales-for-kenyas-cooperative-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kingdom bank sets new scales for Kenya&#039;s Cooperative Bank - WORKERS\u2019 EYE\" \/>\n<meta property=\"og:description\" content=\"By James Wafula in Juba. Kenya&#8217;s fastest growing lender Cooperative Bank of Kenya may have every reason to expect a bumper harvest as its subsidiary Kingdom Bank soars up like an Eagle! The Kingdom bank, formerly Jamii Bora, has churned a profit in its first full year under the Co-operative Bank of Kenya Group. 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Kenya&#8217;s fastest growing lender Cooperative Bank of Kenya may have every reason to expect a bumper harvest as its subsidiary Kingdom Bank soars up like an Eagle! The Kingdom bank, formerly Jamii Bora, has churned a profit in its first full year under the Co-operative Bank of Kenya Group. 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