The Co-operative Bank of Kenya has posted Kshs.26.8 Billion profit before tax in its third quarter of 2024.
This represents a 8.5 per cent growth compared to Kshs. 24.7 Billion recorded in the same period in 2023.
This also represents a profit after tax of Kshs. 19.2 Billion compared to Kshs. 18.4 Billion reported in 2023.
“The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility delivering a competitive Return on Equity of 21.3%, riding on the ‘Soaring Eagle’ Transformation Agenda,” the bank said in a statement.
The bank’s Total Assets grew to Kshs.750.8 Billion, a 13.5% growth from Kshs 661.3 Billion in the same period last year.
Net loans and advances grew to Kshs. 381.3 Billion from Kshs.378.1 Billion in 2023 while Customer deposits grew to Kshs. 514.0 Billion, an 18.7% increase from Kshs. 432.8 Billion.
“External funds from development partners stand at Kshs. 58.0 Billion compared to Kshs.65.6 Billion in 2023.
“Shareholders’ funds have grown to Kshs. 131.8 Billion, a 22% increase from Kshs. 108.1 Billion in 2023 driven by the strong growth in retained earnings of Kshs. 16.3 Billion,” the lender stated.
