The Co-operative Bank of Kenya has announced a 5.3 growth in its net profit for the first quarter of the 2025 financial year. This is after the Co-op Bank Q1 2025 net profit hit Sh6.93 billion up from the Sh6.58 billion net profit that the bank had realized in the same period the previous year.
This net profit has been realized from a profit before tax of Sh9.6 billion which increased from Sh9 billion in the first quarter of the 2024 financial year.
During the period under review, the bank’s total assets increased by 8.3 percent to stand at Sh774.07 billion. In the same quarter the previous year, the bank had assets worth Sh714.6 billion.
Shareholders funds increased by 22.7 percent to hit Sh155.89 billion while customer deposits increased by 9 percent to Sh525.17 billion. In the same quarter in the 2024 financial year, customer deposits had come in at Sh481.7 billion.
In the current period under review, loans and advances stood at Sh385.5 billion up from the previous Sh378 billion. This represented a change of 1.7 percent. A review of the results released by the bank shows that operating expenses went north by 16.5 percent to stand at Sh9.64 billion. The lender, though was able to realize a revenue increase of 12.8 percent to Sh21.2 billion.
Co-op Bank 2024 full year net profit rises to Sh25.5 billion; assets hit Sh743 billion
Net interest income went up by 21.7 percent to Sh14.24 billion up from Sh11.7 billion in the first quarter of 2024. At the same time, non-interest income came in at Sh6.94 billion. This represented a decline of 1.9 percent.
Interest income earned from government securities increased from Sh6.2 billion in the quarter to Sh7 billion while interest income earned from loans and advances increased from Sh12.4 billion to Sh13.9 billion.
The bank’s gross non-performing loans inched upwards by 11.4 percent to Sh74.07 billion in the quarter up from Sh66.4 billion that had been recorded in the first quarter of the previous year. Co-op Bank’s loan to deposit ration came in at 73.2 percent in the quarter under review.
