Cooperative Bank has posted Sh. 3.44 billion profit after tax in the first quarter of 2016. This was a 8 per cent improvement from the Sh. 3.1 billion the bank posted in the same period last year. The bank’s profit before tax stood at Sh. 4.94 billion for Q1 2016 compared to Sh.4.50 billion recorded in the first quarter of 2015
In a press statement to newsroom, the bank revealed that its total operating income grew by 18% to Kshs 10.3 billion from Kshs 8.7 billion. Deposits grew by Kshs. 29.4 billion to Kshs. 267.4 billion from Kshs. 238 billion last year, a 12% increase.
During the first quarter, Co-op Bank’s total interest income grew by 37% from KSH 8.2B to 10.7B supported by a 17% growth on earning assets.
On the other hand, foreign exchange income grew by 10% from Kshs 0.46 billion to Kshs 0.50 billion.
