Co-operative bank has posted a 53% rise in their net profit to stand as Ksh. 16.5 Billion as compared to Ksh. 10.8 Billion for a similar period last year.
This rise in profitability was on the back of a 59% rise in the gross earnings to Ksh. 22.6 billion from Sh14.3 billion. The total operating income grew by 12 per cent from Sh53.8 billion to Sh60.4 billion. Total non-interest income grew by 11 per cent from Sh17.5 billion to Sh19.4 billion. Net interest income grew by 13 per cent from Sh36.3 billion to Sh41 billion.
On the other hand, total operating expenses reduced by three per cent from Sh39.4 billion to Sh38.1 billion.
Net loans and advances book grew to Sh310.2 billion, an eight per cent growth from Sh286.6 billion in year 2020. Total Assets grew eight per cent during the year to Sh579.8 billion from Sh536.9 billion in the year 2020.
Co-op Bank Group MD Gideon Muriuki, had this to say, “This is the best performance ever by the bank in line with the group’s strategic focus on sustainable growth and transformation.”