The Co-operative Bank of Kenya has recorded a Sh. 19.2 billion profit after tax for the first nine months of the current financial year.
The Co-operative Bank’s net profit in this period represented a 4.4 per cent profit growth from the Sh. 18.4 billion profit after tax that was recorded over the same period the previous year.
During the period under review, total assets increased by 13.5 per cent to Sh. 750.8 billion.
At the same time, the group’s cost-to-income ratio moved to 45.8 per cent from 46.4 per cent, pointing to improved efficiency.
Customer deposits increased by 18.7 per cent to Sh. 514 billion while shareholders’ funds posted a 22 per cent increase to Sh. 131.8 billion on the back of higher retained earnings.
Net Interest Income: increased by 12.3 per cent to Sh 36.8 billion while the lender’s loan book: grew by 0.9 per cent to Sh. 381.3 billion. Non-interest income on the other hand increased by 8 per cent to Sh. 22.28 billion.
Co-op Bank finances Sh. 314 million brand new Forward Travellers Sacco buses
“The strong performance by the bank is in line with the group’s strategic focus on sustainable growth, resilience, and agility delivering a return on equity of 21.3 percent riding on the ‘Soaring Eagle’ transformation agenda,” Dr. Gideon Muriuki, the Chief Executive Officer and Managing Director at Co-op Bank said.
The bank’s profit growth in the period under review came as its network and staff grew.
For instance, as at the end of quarter three in September 2024, the bank’s branch network had expanded by 11 branches to 204 compared to 193 outlets at the end of September the previous year.
In the same vein, Co-op’s staff size increased by 368 to stand at 5,617 employees as at the end of September 2024.
The bank’s main subsidiary, Kingdom Bank, posted a net profit of Sh. 603 million. Co-op Consultancy & Bancassurance Intermediary Limited on the other hand posted a pre-tax profit of Sh. 824.3 million, which was a growth from Sh. 762.9 million.
