Co-operative Bank of Kenya (Co-op Bank) has reported a Ksh. 13 billion net profit for the half-year. This is a 7% jump, compared to Ksh. 12.1 billion reported during a similar period in 2023. The growth was driven by a jump in the total operating income which was watered down by a faster jump in operating expenses.
Similarly, the lender increased its holdings of government securities by 7.3% with the lender’s total assets growing to Ksh. 716.9 billion. Customer loans also grew by 2.8%, while customer deposits were up 9.4% to Ksh. 507.4 billion, crossing the Ksh. 500 billion mark for the first time. This growth was attributed to subsidiary expansion.
Apart from its South Sudan subsidiary, the remaining businesses, Co-op Bancassurance, Co-op Trust Investment services, and Kingdom Bank, recorded positive returns. Co-operative Bank of South Sudan made a Profit Before Tax of Ksh 264.3 million during the period under review. This performance however translated to a monetary loss of Ksh. 252.4 million attributable to hyperinflation accounting occasioned by currency devaluation of the South Sudan Pound.
Co-op Bancassurance Intermediary posted a Profit Before Tax of Ksh. 682.7 million in 1H 2024, while Co-op Trust Investment Services Ltd contributed Ksh. 142.7 million Profit Before Tax in 1H 2024 compared to Ksh. 106.8 Million in 1H 2023. Kingdom Bank contributed a Profit Before Tax of Ksh. 635.5 million in 1H2024, a 21.8% growth from Ksh. 521.9 million reported in 1H 2023.
Co-operative Bank Kenya trades under the ticker symbol COOP at the Nairobi Securities Exchange, closed the previous session at Ksh. 12.80. This is a year-to-date gain of 12.3%. Co-Op has a Ksh. 74.5 billion market capitalization making it the 6th most valuable stock at the Nairobi bourse.