The Co-operative Bank Group has announced that it has recorded a profit after of Ksh. 22 billion for the full year period ending December 31, 2022. This represents a 33% increase as compared to the Ksh. 16.5 billion that the bank registered in the previous year.
Total operating income increased to Ksh. 71.3 billion, reflecting a 17.9% increase from Ksh. 60.4 billion in 2021. The total non-interest income rose by 33.2%, reaching Ksh. 25.7 billion from Ksh. 19.4 billion in the previous period. The bank’s net interest income grew by 10.9%, to Ksh. 45.5 billion from Ksh. 41 billion. This growth was driven by a 9.4% increase in the bank’s net loans and advances, which were Ksh. 339.4 billion.
Operating expenses for the period rose by 10.9% to Ksh. 42.2 billion compared to Ksh. 38.1 billion in the previous year. Customer deposits experienced a 3.9% increase to Ksh. 423.8 billion from Ksh. 407.7 billion, with total assets growing by 44% to Ksh. 607.2 billion from Ksh. 579.8 billion in 2021.
The board of directors have recommended a dividend payout of Ksh. 1.50 per share, which is subject to approval by the regulators and shareholders. The proposed dividend represents a 50% enhancement on the Ksh 1.00 per share that was paid out in 2021.