Co-operative Bank has reported a profit after tax of Sh12.1 billion for the first half of this year, compared to Sh11.5 billion in the same period last year.
The bank’s net loans and advances increased by 10.7% to reach Sh365.4 billion from Sh330.1 billion in 2022. Similarly, customer deposits grew by 9.7% to Sh463.9 billion, marking an increase from Sh423 billion.
The bank’s total operating income showed a 3% rise, reaching Sh35.4 billion from Sh34.4 billion. Meanwhile, total operating expenses experienced a marginal decrease of 0.1%, going down to Sh19.1 billion from Sh19.2 billion. The net interest income also saw a 2.3% increase, reaching Sh21.5 billion from Sh21.1 billion.
Gideon Muriuki, the Group Managing Director, expressed his perspective on the results, highlighting a strategic commitment to resilience and growth across various economic sectors.
He emphasized the bank’s dedication to a successful universal banking model, supported by a digital presence, extensive physical network, and synergies within the cooperative movement, which boasts over 15 million members.
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Within the bank’s subsidiary network, Kingdom Bank stood out by contributing a profit before tax of Sh521.9 million during the reviewed period, marking a growth of 29% from the previous year’s figure of Sh405.9 million.
On an international scale, Co-operative Bank’s South Sudan subsidiary achieved a profit before tax of Sh205.1 million in the second quarter of this year.
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However, the performance of the South Sudan subsidiary resulted in a monetary loss of Sh36.5 million due to hyperinflation accounting resulting from the country’s currency devaluation.
