The Co-operative Bank Group’s recorded a net profit of KES 22 billion during the full-year period ending in December 2022.
Supported by growth in key income streams, the lender’s profit increased by 33% compared to KES 16.5 billion from the previous year.
Total operating income rose to KES 71.3 billion, reflecting a 17.9% increase from KES 60.4 billion.
Additionally, the total non-interest income surged by 33.2%, reaching KES 25.7 billion from KES 19.4 billion in 2021.
Furthermore, the bank’s net interest income grew by 10.9%, amounting to KES 45.5 billion from KES 41 billion. This growth was driven by a 9.4% increase in the bank’s net loans and advances, which amounted to KES 339.4 billion.
The strong performance by the Co-operative bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility.
Dr Gideon Muriuki – Co-operative Bank Group Chief Executive Officer
Operating expenses for the period rose by 10.9% to KES 42.2 billion compared to KES 38.1 billion in 2021.
Meanwhile, customer deposits experienced a 3.9% increase to KES 423.8 billion from KES 407.7 billion, with total assets growing by 44% to KES 607.2 billion from KES 579.8 billion in the previous year.
The Group focused on credit management, leading to provisions of KES 8.7 billion and increasing the bank’s loan loss reserve/coverage levels to 74% from 69% in 2021.
The board has recommended a dividend payout of KES 1.50 per share, which is subject to approval by the regulators and shareholders.
The proposed dividend represents a 50pc enhancement on the Ksh 1.00 per share paid out last year.
Dr Gideon Muriuki – Co-operative Bank Group Chief Executive Officer
At present, alternative delivery channels account for 92 per cent of all customer transactions processed by the bank.
Read Also: Co-op Bank Records 55% Jump in Half-Year Profits to Ksh 15.3 Billion
