Co-Op bank records a 47 percent net profit

The Co-operative Bank of Kenya has posted a 47 percent growth in net profit after tax.

The bank recorded Ksh17.1 billion income for the nine months through September 2022.

This was a rise from Ksh11.6 billion recorded during a similar period in 2021.

Bank Chief Executive Officer Gideon Muriuki said the profit grew by 28.3 percent on account of increase in loans from the bank’s digital channels.

“Key focus on digital banking, with the all-telco, Mco-op Cash Mobile Wallet continuing to play a pivotal role in the growth of non-funded income with 5 million customers registered and loans worth Ksh62.5 billion disbursed year-to-date, averaging over Ksh6.9 billion per month,” noted Muriuki.

He said the growth profitability is anchored largely on higher income with non-interest funded income rising ahead of interest income at 28 percent.

“The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility,” said Muriuki.

Customer deposits grew to Ksh432 billion from Ksh420.4 billion in the nine months to September 2021.

Shareholders’ funds grew to Ksh100.9 billion from Ksh95 billion.

Total Assets grew to Ksh622.1 billion from Ksh592.9 billion.

Net loans and advances grew to Ksh335.2 billion from Ksh306.3 billion.

Total operating income grew from Ksh44.4 billion to Ksh52.2 billion.

Operating expenses increased from Ksh28 billion to Ksh29.6 billion. 

However, the bank’s external funds from development partners stood at Ksh41.9 billion from Ksh43.8 billion.

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