The Co-operative Bank has recorded gains in the first six months of the current financial year. During this period, the Co-op Bank half year net profit increased to Sh. 12.1 billion.

This profit growth reflected a growth of 5.8 per cent which also saw the bank’s profit before tax increase to Sh. 16.4 billion. The profit before tax was a growth of 7.4 per cent from the Sh. 15.3 billion profit before tax that was recorded the previous year.

In the same period the previous financial year, Co-op Bank had posted a net income of Sh. 11.4 billion.

In the current six month period under review, total assets grew to Sh. 664.9 billion, a 10.1 per cent growth from Sh. 603.9 billion in the same period last year.

Net loans and advances grew to Sh. 365.4 billion which was equivalent to a 10.7 per cent growth from Sh. 330.1 billion in 2022.  At the same time, customer deposits grew to Sh. 463.9 billion, a 9.7 per cent increase from Sh. 423 billion.

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The bank’s non-interest income rose 3.9 per cent to Sh. 13.8 billion. This growth was largely driven by the lender’s mobile money platform known as MCo-op Cash which has over five million registered customers registered.

In the period under review, MCo-op Cash had disbursed Sh. 41.3 billion in loans. This amounted to an average of Sh. 6.9 billion disbursed loans per month.

Additionally, total operating income grew by 3.0 per cent from Sh. 34.4 billion to Sh. 35.4 billion.  Net interest income grew by 2.3 per cent from Sh. 21.1 billion to Sh. 21.5 billion.

Total non-interest income grew by 4.0 per cent from Sh. 13.3 billion to Sh. 13.8 billion.  Total operating expenses decreased by 0.1 per cent from Sh. 19.2 billion to Sh. 19.1 billion.

“The 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 officer Dr. Gideon Muriuki.

“The group continues to pursue strategic initiatives that focus on resilience and growth in the various economic sectors.”