The I&M Holdings took the top position as the best bank in Kenya for the first quarter of 2020. The Co-operative Bank of Kenya came in second.
Compared to the results of the last year, I&M improved from position 2 while Co-operative bank of Kenya improved from position 3. Last year’s top bank, the KCB group came in third.
While releasing results for the first quarter of 2020, Cytonn Financial Services Research Team said, “Kenya’s banking sector showed resilient performance despite the tough operating environment which was largely attributable to persistent revenue diversification.”
“Co-operative Bank of Kenya’s rank improved to Position 2 from Position 3 in FY’2019 mainly due to an improvement in the Gross Non Performing Loans ratio to 10.8 per cent in Quarter one of 2020 from 11.2 per cent in Full Year 2019, in turn, improving its franchise value score,” the report noted.
Co-operative bank makes 3.6 billion profit
The report also noted the Co-operative Bank of Kenya’s growth that despite the slow down in the economy and the banking sector as a result of the coronavirus pandemic, in the first quarter of this year, Co-op Bank posted a profit after tax of Sh. 3.6 billion. This profit came even as profit before tax stood at Sh. 5.1 billion in the first quarter, the same as the profit before tax that the bank recorded in the same period last year.
So far, the Co-operative Bank has given out loans worth Sh. 15 billion in a bid to help customers cope with the effects of the coronavirus pandemic has that has left global economies on the brick of collapse.
In a statement, Co-operative Bank of Kenya said, “The bank has proactively engaged all the customers requiring an interest moratorium period, customers requiring a better structure or longer repayment period, and customers requiring additional funding to manage the coronavirus crisis,” said Co-op Bank in a statement.
Best Banks in Kenya 2020 ranking
Here is the best banks in Kenya in the first quarter of 2020 compared to the same period last year.
|Bank||Franchise Value Score||Intrinsic Value Score||Weighted Score||Q1’2020 Rank||FY’2019 Ranking|
|Co-operative Bank of Kenya Ltd||49||4||22||2||3|
|KCB Group Plc||56||3||24.2||3||1|
|Equity Group Holdings Ltd||60||5||27||4||4|
|NCBA Group Plc||83||7||37.4||9||8|
|HF Group Plc||92||10||42.8||10||10|