Co-operative Bank profit after tax for the half year ending June grew to Sh12.1 billion compared to a similar period last year on account of high interest and non-interest incomes.
This shot up from Sh11.5 billion in a similar period last year.
While net interest revenue jumped by 2.3 percent to Sh21.5 billion, total non-interest income went up by four percent to Sh13.8 billion.
This helped push up total operating income from Sh34.4 billion to Sh35.4 billion.
“The Co-operative Bank Group continues to pursue strategic initiatives that focuson resilience and growth in the various economic sectors,” its Group Managing Director (MD) Gideon Muriuki said.
“This is anchored on a successful universal banking model supported by an innovative digital presence, a wide physical footprint, and the unique synergies in the over 15-million-member co-operative movement that is the largest in Africa,” the MD stated.
Net loans and advances also increased by 10.1 percent to Sh664.9 billion in the period.
Similarly, deposits by customers grew to Sh463.9 billion from Sh423 billion, representing a nearly 10 percent jump.
Increased revenue was also boosted by a 0.1 percent decline in operating expenses to Sh19.1 billion.
“Mco-op Cash Mobile wallet continues to drive substantial non-funded income streams with 5 Million customers registered and Kshs 41.3 Billion in loans disbursed in the first half of 2023, averaging Kshs. 6.9 Billion per month,” Muriuki added.