Thursday, February 29, 2024

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

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.

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.

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“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.

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