NAIROBI, Kenya, Nov 17 – Co-operative Bank profit after tax grew by Sh1.3 billion to Sh18.4 billion in the nine months ended September after interest income from loans grew.
During a similar period last year, the lender recorded Sh17.1 billion in net profit.
While net interest income expanded by 2.5 percent to Sh32.8 billion, total revenue from non-interest streams grew by 2.1 percent to Sh20.6 billion.
“The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility,” Co-op Bank CEO and MD Gideon Muriuki said.
The lender grew its loan book to Sh378.1 billion from Sh335.2 billion, representing 12.8 percent growth.
Its subsidiaries also helped push up the profit.
Co-op Consultancy & Bancassurance Intermediary Ltd. posted a gross profit of Sh762.9 million in Q32023, riding on strong penetration of the banking business.
Likewise, Kingdom Bank Limited, a niche MSME bank, contributed a profit before tax of Sh786.6 million, a growth of 24.8 percent from the 630.2 million reported last year.
“As a Bank that is predominantly-owned by the 15 million-member Co-operative Movement that is represented in all regions of the country, we are inclusive by design, which has enabled us to not only deliver shared prosperity today, but also helped us build an awareness and prudence to avoid participation in activities that risk putting future generations in jeopardy,” Muriuki added.
