Co-operative Bank of Kenya has recorded an 18.7 per cent jump in net earnings for the six months to June on higher interest income.
The bank posted a net profit of Sh. 7.41 billion, from the Sh. 6.24 billion recorded in the same period in 2015.
Total interest income jumped 28.7 per cent to Sh21.5 billion. “The commendable performance is attributable to the significant benefits arising from the bold Soaring Eagle transformation project that the bank has been implementing with a critical focus on cost optimization, improvement in operating efficiency and innovative customer delivery platforms,” said the bank.
Customer deposits as at end June stood at Sh. 279.6 billion, 11 per cent higher than last year’s Sh. 252.8 billion. Net loans and advances grew to Sh. 221.3 billion while assets increased by 12 per cent to Sh. 363 billion.
