Co-operative Bank of Kenya has recorded a 19% increase in profits after tax for the six months to June, driven by a 28% growth in interest income.
Net profit stood at Ksh 7.41 billion compared to Ksh. 6.24 billion reported in the same period in 2015. Total interest income grew by 28.7 per cent to KSh 21.5 billion.
Customer deposits grew by 11% to Sh. 279.6 billion compared to 252.8 billion posted in the same period in 2015. Net loans and advances grew to Sh. 221.3 billion while total assets increased by 12 per cent to Sh. 363 billion.
The lender attributes the growth to “Soaring Eagle transformation” a restructuring initiative which the bank has been implementing with a keen focus on optimization costs, improving operating efficiency and customer delivery.