Monday, November 11, 2024

Co-op Bank full-year net profit rises to Sh. 22 billion

Co-op Bank full year net profit rises to Sh. 22 billion - Bizna Kenya

The Co-operative Bank has posted a full-year 2022 net profit of Sh. 22 billion. This net profit was derived from a pretax profit of Sh. 29.4 billion. “This strong performance by the bank is in line with the Group’s strategic focus on sustainable growth, resilience and agility,” said Co-op Bank chief executive Gideon Muriuki.

Co-op Bank’s operating income grew by 17.9 per cent from Sh in the financial year under review. 60.4 billion to Sh. 71.3 billion. Total non-interest income rose by 32.7 per cent from Sh. 19.4 billion to Sh. 25.7 billion. Net interest increased at a slower rate at 10.9 per cent from Sh. 41 billion to Sh. 71.3 billion.

Co-op Bank full year net profit rises to Sh. 22 billion - Bizna Kenya
Co-op Bank full year net profit rises to Sh. 22 billion – Bizna Kenya

At the same time, Co-op Bank’s expenses increased by 10.9 per cent from Sh. 38.1 billion to Sh. 42.2 billion.

Co-Op post

Total assets in the financial year grew to Sh. 607.2 billion from Sh. 579.8 billion the previous year to represent a growth percentage of 4.7 per cent. At the same time, customer deposits grew to Sh. 423.8 billion from 407.7 billion. This was a growth of 3.9 per cent.

Following the impressive net profit growth, Co-op Bank has announced that it will pay out a dividend of Sh. 1.50 per share. This will be a 50 per cent increase on the Sh. 1 dividend per share  that was paid out in the previous year.

Co-op Bank to lend additional Sh. 12.6 billion to small businesses

“The strong performance has led to a sustained increase in shareholder value as reflected in the competitive return on equity of 21.2 percent,” said Dr. Muriuki.

NCBA


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