Friday, March 29, 2024

Co-op Bank posts best performance ever with Sh. 16bn net profit

Co-op Bank Group has posted nearly Sh. 6 billion growth in net profit. This is after the bank realized a 59 per cent growth in its profit before tax to Sh. 22.6 billion from Sh. 14.4 billion for the full year ended December 31, 2021.

This saw the bank’s net profit grow from Sh. 10.8 billion to Sh. 16.5 billion in the year under review.

“This is the best performance ever by the Bank, and is in line with the Group’s strategic focus on Sustainable Growth and Transformation,”

Co-op Bank’s chief executive officer Dr. Gideon Muriuki said.

During the year, the bank’s total assets grew to Sh. 579.8 billion. This was equivalent to 8 per cent growth from the Sh. 536.9 billion worth of total assets in year 2020.

At the same time, net loans and advances book grew to Sh. 310.2 billion. This was another 8 per cent growth from Sh. 286.6 billion the bank posted in the year 2020. Investment in Government securities grew to Sh. 184.1 billion from Sh. 161.9 billion in 2020.

“Our customers deposits grew to Sh. 407.7 billion, which was a 8 per cent growth from Sh. 378.6 billion,” the bank said in a statement. “Shareholders’ funds grew to Sh. 100.2 billion from Sh. 90.7 billion in 2020 enabling us to continue pitching for big ticket deals.”

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In the year under review, borrowed funds from the bank’s development partners stood at Sh. 42.9 billion from Sh. 46 billion in 2020.

The bank’s annual results also showed that its total operating income grew by 12 per cent from Sh. 53.8 billion to Sh. 60.4 billion. Total non-interest income grew by 11 per  cent from Sh. 17.5 billion to Sh. 19.4 billion.

“Net interest income grew by 13 per cent from Sh. 36.3 billion to Sh. 41.0 billion while total operating expenses improved by 3 per cent from Sh. 39.4 billion to Sh. 38.1 billion,”

the Co-op Bank Group said in a statement to Bizna Kenya.

 

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