Co-operative Bank Group registered a Ksh29.4 billion profit before tax for the 2022 full-year results released on Thursday, March 16.
The profit before tax marked a 30 per cent growth compared to the Ksh22.6 billion recorded in the 2021 full year.
According to Co-op Bank, the financial results presented a strong profit after tax of Ksh22 billion compared to Ksh16.5 billion reported in 2021.
Following the growth trajectory, Co-op Bank sustained an increase in shareholder value as reflected in the competitive Return on Equity of 21.2 per cent.
” The Board of Directors has recommended a dividend of Ksh1.50 per share, subject to approval by the regulators and shareholders,” read part of a statement by Group Managing Director and CEO Dr. Gideon Muriuki .
“The proposed dividend represents a 50 per cent enhancement on the Kshs 1.00 per share paid out last year. A virtual Annual General Meeting will be held on Friday, May 19, 2023,” the statement added.
In the 2022 financial year, Co-op Bank’s total assets grew to Ksh607.2 billion, a 4.7 per cent growth from Ksh579.8 billion in 2021.
Net loans and advances grew to Ksh339.4 billion, a 9.4 per cent growth from Ksh310.2 billion in 2021.
In the same period, customer deposits grew to Ksh423.8 billion, a 3.9 per cent increase from Ksh407.7 billion.
According to 2022 Co-op Bank 2022 full-year results, external funds from development partners stood at Ksh48.1 billion from Ksh42.9 billion in 2021.
Shareholders’ funds grew to Ksh107.7 billion, a 7.4 per cent increase from Ksh100.2 billion in 2021.
Total operating income grew by 17.9 per cent from Ksh60.4 billion to Ksh71.3 billion.
In the same period under review, total non-interest income grew by 32.7 per cent from Ksh19.4 billion to Ksh25.7 billion.
Besides growth in non-interest income, net interest income increased by 10.9 per cent from Ksh41.0 billion to Ksh45.5 billion.
Moreover, total operating expenses registered a positive growth of 10.9 per cent from Ksh38.1 billion to Ksh42.2 billion.