Friday, December 1, 2023

Co-op Bank makes Sh. 18.4 billion net profit in nine months

The Co-operative Bank has announced a net profit of Sh. 18.4 billion in the nine months period ended September 30, 2023.

This net profit was derived from a gross profit of Sh.  24.7 billion which represented a 8.6 per cent growth from the Sh. 22.7 billion profit before tax the bank recorded in  the same period the previous year.

In the same period the previous financial year, Co-op Bank had recorded a net profit of Sh. 17.1 billion.

In the period under review, total assets grew to Sh. 661.3 billion, which was a 6.3 per cent growth from Sh. 622.1 billion posted in the same period last year.

Net loans and advances grew to Sh. 378.1 billion. This was a 12.8 per cent growth from Sh. 335.2 billion in 2022.

At the same time, customer deposits grew to Sh. 432.8 billion. This was a 0.2 per cent increase from Sh. 432 billion.

External funds from development partners increased by 56.5 per cent to Sh. 65.6 billion from the Sh. 41.9 billion that was recorded the in the same period in 2022.

At the same time, shareholders’ funds grew to Sh. 108.1 billion, representing a 7.1 per cent increase from Sh. 100.9 billion in 2022.

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Total operating income grew by 2.3 per cent from Sh. 52.2 billion to Sh. 53.4 billion. Net interest income grew by 2.5 per cent from Sh. 32 billion to Sh. 32.8 billion.

Total non-interest income grew by 2.1 per cent from Sh. 20.2 billion to Sh. 20.6 billion. Total operating expenses decreased by 2.1 per cent from Sh. 29.6 billion to Sh. 29 billion.

“The Group continues to pursue strategic initiatives that focus on resilience and growth in the various economic sectors,” said Co-op Bank Group chief executive officer Dr. Gideon Muriuki.

“This is anchored on a successful universal banking model supported by an innovative digital presence, a wide physical footprint, and the unique synergies in the over 15-million-member cooperative movement that is the largest in Africa.”

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