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Co-op bank 1H 2014 pretax profit up 15%

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VituVingiSana		#11 Posted : Wednesday, August 13, 2014 7:17:26 PM
Rank: Chief Joined: 1/3/2007 Posts: 18,356 Location: Nairobi		Wazuans... If you read some of my posts you would have figured out why the +15% PBT = +0% PAT Upon listing Coop Bank got a 5 year 'holiday' [well, a rebate] of 20% but now they have to pay 30%... Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
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obiero		#12 Posted : Wednesday, August 13, 2014 7:35:52 PM
Rank: Elder Joined: 6/23/2009 Posts: 14,240 Location: nairobi		VituVingiSana wrote: Wazuans... If you read some of my posts you would have figured out why the +15% PBT = +0% PAT Upon listing Coop Bank got a 5 year 'holiday' [well, a rebate] of 20% but now they have to pay 30%... also they bought the temenos realtime system from Switzerland at a cost of 1.2B. in addition to start up of over 10 new branches in last ten months! i repeat, respectable results
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VituVingiSana		#13 Posted : Wednesday, August 13, 2014 8:55:54 PM
Rank: Chief Joined: 1/3/2007 Posts: 18,356 Location: Nairobi		obiero wrote: VituVingiSana wrote: Wazuans... If you read some of my posts you would have figured out why the +15% PBT = +0% PAT Upon listing Coop Bank got a 5 year 'holiday' [well, a rebate] of 20% but now they have to pay 30%... also they bought the temenos realtime system from Switzerland at a cost of 1.2B. in addition to start up of over 10 new branches in last ten months! i repeat, respectable results Chief, I am not saying the results are not good but trying to emphasize that the reason for the PAT (vs PBT) being flat has to do with the change in taxation levels not performance of the business. Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
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Akenyan2014		#14 Posted : Wednesday, August 13, 2014 8:59:51 PM
Rank: Member Joined: 5/6/2014 Posts: 268 Location: Nairobi, Kenya		VituVingiSana wrote: obiero wrote: VituVingiSana wrote: Wazuans... If you read some of my posts you would have figured out why the +15% PBT = +0% PAT Upon listing Coop Bank got a 5 year 'holiday' [well, a rebate] of 20% but now they have to pay 30%... also they bought the temenos realtime system from Switzerland at a cost of 1.2B. in addition to start up of over 10 new branches in last ten months! i repeat, respectable results Chief, I am not saying the results are not good but trying to emphasize that the reason for the PAT (vs PBT) being flat has to do with the change in taxation levels not performance of the business. Can CIC HY performance be computed from this set of results?
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obiero		#15 Posted : Wednesday, August 13, 2014 9:23:17 PM
Rank: Elder Joined: 6/23/2009 Posts: 14,240 Location: nairobi		VituVingiSana wrote: obiero wrote: VituVingiSana wrote: Wazuans... If you read some of my posts you would have figured out why the +15% PBT = +0% PAT Upon listing Coop Bank got a 5 year 'holiday' [well, a rebate] of 20% but now they have to pay 30%... also they bought the temenos realtime system from Switzerland at a cost of 1.2B. in addition to start up of over 10 new branches in last ten months! i repeat, respectable results Chief, I am not saying the results are not good but trying to emphasize that the reason for the PAT (vs PBT) being flat has to do with the change in taxation levels not performance of the business. i agree, murume
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Bachuma Gate		#16 Posted : Wednesday, August 13, 2014 10:15:00 PM
Rank: Member Joined: 3/26/2012 Posts: 280		Its not temenos that they bought. This one was from Misys. DOH
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obiero		#17 Posted : Wednesday, August 13, 2014 11:51:20 PM
Rank: Elder Joined: 6/23/2009 Posts: 14,240 Location: nairobi		Bachuma Gate wrote: Its not temenos that they bought. This one was from Misys. my bad.. had left temenos at the bidding stage as being the leading firm.
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Cde Monomotapa		#18 Posted : Thursday, August 14, 2014 6:47:20 AM
Rank: Chief Joined: 1/13/2011 Posts: 5,964		obiero wrote: Bachuma Gate wrote: Its not temenos that they bought. This one was from Misys. my bad.. had left temenos at the bidding stage as being the leading firm. As per the management brief in Q1, they called the IT system - Bank Fusion Universal Banking-BFUB Well rounded growth in 'what makes a bank' items. Impressed too by the efficient deployment of investment capital without bloating the cost-to-income ratio much. Kudos. Mco-op Cash functionality is quite broad. All networks, saccos etc. Very interesting. As far as CIC is concerned the Q2 share of associate is quite telling. @Akenyan2014 Let's see.
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Cde Monomotapa		#19 Posted : Thursday, August 14, 2014 12:26:18 PM
Rank: Chief Joined: 1/13/2011 Posts: 5,964		Outlier News. <tutajua mbele> EAC states to formulate cooperatives law The Bill’s objective is to create a harmonised legislative framework that will facilitate co-operative societies to exploit their potential in the EAC region. The public hearings to be conducted in all the region’s member states including Kenya, Uganda, Rwanda, Tanzania and Burundi will later be handed to EALA Committee on Agriculture, Tourism and Natural Resources to compile the report. http://www.capitalfm.co....ulate-cooperatives-law/
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Cde Monomotapa		#20 Posted : Friday, August 15, 2014 8:24:30 PM
Rank: Chief Joined: 1/13/2011 Posts: 5,964		Co-op launches M-Shwari competitor Also, it seems more profitable to run Bancassurance for CIC via COOP. A slice of that 6B in CIC's premiums less claims (pure commissions) is a splendid proposition?
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