Home Business Co-op Bank nine months net profit up 7.6pc to 18B

Co-op Bank nine months net profit up 7.6pc to 18B

Cooperative Bank has reported a profit after tax of Ksh 18.4 billion in nine months of this year to September.

The 7.6pc net profit increase from Ksh 17.1 billion the lender reported over the same period last year has been backed by stronger income.

Channel 1

Total operating income grew by 2.3pc to Ksh 53.4 billion from Ksh 52.2 billion while net interest income from loans and advances surged by Ksh 800 million to Ksh 32.8 billion.

On the other hand, total non-interest income increased from Ksh 20.2 billion to Ksh 20.6 billion, a 2.1pc increase.

The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience and agility,” said Dr Gideon Muriuki, Co-op Bank Group Chief Executive Officer.

The bank also saw its operating expenses reduce by 2.1pc during the period, from Ksh 29.6 billion last year to Ksh 29 billion.

Net loans and advances grew 12.8pc to Ksh 378.1 billion from 335.2 billon.

“Credit management remains a key focus area, with the group prudentially making provisions of Ksh 4.2 billion which has supported the bank’s loan loss reserve/coverage level of 69.1pc,” added Dr Muriuki.

During the period under review, customer deposits grew  by Ksh 800 million to stand at Ksh 432.8 billion.

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