The Co-op Bank profit for the first six months of the year has risen by 55 per cent to hit Sh. 11.5 billion.
This as an improvement from the Sh. 7.4 billion net profit the bank recorded in the same period in 2021.
According to Co-operative bank Group chief executive officer Dr. Gideon Muriuki, this huge profit growth was enabled by an 11.8 percent growth in net interest income from Sh. 18.8 billion to Sh. 21.1 billion.
During the period under review, the bank’s loan portfolio grew from Sh. 29 billion to Sh. 330 billion. The bank’s investment in Government securities grew to Sh. 183.2 billion, compared to Sh. 182 billion that was recorded in the same period in 2021.
At the same time, Co-op Bank saw strong growth in non-interest income, which jumped 29 percent to Sh. 13.3 billion.
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