Co-operative Bank of Kenya has reported its financial performance for the first quarter of 2024 with Profit After Tax (PAT) growing at 7.7% year-on-year to KES 6.6 billion.
- Growth was largely driven by a 24.7% surge in total interest income.
- Increase in Earnings Per Share (EPS), rising to KES 1.12 from KES 1.04 in the same period last year.
- Total Assets grew by 13.2% to KES 714.7 billion, driven primarily by an 11.7% surge in Government securities holdings.
Co-op’s focus on corporate lending saw a 5% increase in Loans and Advances, totaling KES 378.1 billion as Customer deposits surged by 14.8% year-on-year to KES 481.8 billion.
Total Interest Income grew by 24.7%, driven by a 24.2% increase in interest income from loans and advances. The Group’s Non-Funded Income (NFI) remained flat at KES 7.1 billion, with notable growth in Foreign Exchange (FX) trading income offset by a decline in fees and commissions on loans and advances. Foreign Exchange (FX) trading income grew 30.8% while fees and commissions on loans and advances saw a 14.7% decline.
Operating income saw a 5.6% increase to KES 18.8 billion while operating expenses (OPEX) remained flat at KES 8.3 billion. Gross Non-Performing Loans (NPLs) increased by 19.4% year-on-year to KES 66.5 billion.
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