Co-operative bank full year 2018 net profit rose by 11.per cent to Sh12.7 billion. Interest income for the period rose by 6.6 per cent to KSh43 billion as non-interest income dropped 4 per cent to KSh13 billion.
The lender’s earnings were primarily boosted by income from loans and advances as well as interest payments from government securities. The bank increased its lending to the government by 16 per cent to KSh80 billion from KSh69 billion lent out the previous year.
Co-op bank’s deposits for the period grew to 306 billion compared to KSh287 billion in 2017. In contrast, its loans and advances to customers declined by 3 percent to KSh 245 billion.
Its total expenses remained relatively unchanged in the period under review.
The lender’s bad loans increased by 41 per cent to KSh25 billion in the financial year 2018 compared to KSh18 billion recorded in 2017. L
The board recommend a KSh1.00 dividend for every ordinary share held up from KSh0.80 dividend per share paid out in 2017.