A Study On Commercial Banks In Kenya, Case Study Cooperative Bank Of Kenya

1814 words - 8 pages

History OF COOP BANK
2013: Coop Bank is recognized as the Most Green Bank at the 2013 Energy Management Awards for achieving the fastest turnaround time for renewable energy and energy efficiency financing for SMEs and Large Enterprises, actively promoting “Green Financing” among clients and for being the bank with the largest pipeline of projects seeking green energy financing.
2011:  For a second year in a row the bank wins Best Bank in Kenya award of the Financial Times of London. The bank also wins Best in Corporate Governance Award at the Annual Financial Reporting (FiRe) awards.
2010:  The bank is recognised as Best Bank in Kenya in the Banker magazine awards of the Financial Times ...view middle of the document...

2007: The Bank realises complete turnaround by recording a Kes 2.3 billion profit before tax for year 2007, as compared to the Kes 2.4 billion loss for year 2000. The Bank also declares a dividend of 8% which translates to Kes 8.00 per share, the highest payout in many years.
2006: The Bank launches Sacco Link, a robust IT system that integrates the banking systems of Saccos with those of the Bank, to enable the members of Saccos get access to banking services from the service outlets of the Bank.
2005: Performance in 2005 maintains the growth trend as the Bank reports a Kes 714 million pre-tax profit, which is an impressive 102% improvement on year 2004. The Bank declares a dividend of 5%, maintaining a consistent enhancement in dividend payout in line with improved performance, from the 3% and 4% paid in 2003 and 2004, respectively.
2004: The Bank maintains a robust growth in profitability and reports a Kes 353 million pre-tax profit, representing a 95% surge on the Kes 183 million posted in 2003. With the good performance, the Bank Board of Directors recommends a divided payment of 4% for the year, up from 3% paid in 2003.
The Bank successfully recapitalizes the balance sheet in the year with a major additional share capital injection of Kes 1.1 Billion from the co-operative movement-based shareholders of the Bank. The shares drive literally doubles the bank's capital base from Kes 1.2 billion to Kes 2.3 billion.
The Bank leads the market by pioneering mobile banking in Kenya, by launching M-Banking, a banking service delivered via mobile phones. M-Banking enables customers to access their bank accounts and carry out various transactions that include getting bank balances, registering for salary alerts and loading airtime on cell phones, among others.
2003: The Bank sustains its recovery and growth path to report an improved profit of Kes 183 million, an impressive 78% improvement on Kes 103 reported in 2002. The Bank pays a dividend of 3%, a significant landmark that ends a dividend drought that had lasted the previous 7 years.
In October 2003, the Co-operative Bank House is officially re-opened by H.E. President Mwai Kibaki, after renovations occasioned by the 1998 bombing are completed.
On 28th February, the bank undertakes a key transition as Mr Stancley C. Muchiri, who previously served as Vice Chairman, is appointed Chairman of the Board to replace Mr Hosea Kiplagat.
2002: The Bank achieves a dramatic turnaround to report a profit of Kes 103 million, a significant improvement from the Kes 802 million loss reported in 2001.
The bank re-occupies Co-operative Bank House after renovations occasioned by the 1998 bombing are completed.
2001: The Bank records a rapid improvement in performance by reporting a significant 60% reduction on the year 2000 loss position of over Kes 2 billion by reporting a Kes 802 million loss for year 2001.
On 1st March, the bank undergoes a major transition as the Mr Gideon M. Muriuki, formerly...

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