Co-operative Bank’s profit after tax for the first-half of this year stands at Sh12.1 billion, compared to Sh11.5 billion reported same period last year.
According to the bank, net loans and advances grew to Sh365.4 billion, a 10.7 per cent from Sh330.1 billion in 2022. Customer deposits grew to Sh463.9 billion, a 9.7 per cent increase from Sh423billion.
The bank’s total operating income grew by 3 per cent from Sh34.4 billion to Sh35.4 billion, while total operating expenses decreased by 0.1 per cent from 19.2 billion to Sh19.1 billion. The net interest income grew by 2.3 per cent from Sh21.1 billion to Sh21.5 billion.
Commenting on the results, Gideon Muriuki, Group Managing Director said he will pursue strategic initiatives focusing on resilience and growth in the various economic sectors. “This is anchored on a successful universal banking model supported by digital Prescence, wide physical footprint, and synergies in over 15-million-member cooperative movement,” he added.
Kingdom Bank, a subsidiary of the lender contributed a profit before tax of Sh521.9 million during the period under review representing a growth of 29 per cent from Sh405.9 million reported last year.
Co-operative Bank of South Sudan that is a unique joint venture partnership with Government of South Sudan made a profit before tax of Sh205.1 million in quarter two of this year. The South Sudan subsidiary performance however translated to a monetary loss of Sh36.5 million attributable to hyperinflation accounting occasioned by currency devaluation of the country’s pound.
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