Co-operative Bank has recorded Kes 1.3 billion net profit growth to Kes 18.4 billion in the nine months ended September, attributed to an increase in loan interest income.
This is compared to Kes 17.1 billion in net profit recorded in a similar period last year.
While net interest income expanded by 2.5 percent to Kes32.8 billion, total revenue from non-interest streams grew by 2.1 percent to Kes20.6 billion.
Co-op Bank CEO and MD Gideon Muriuki noted that the performance aligns with the Group’s strategic focus on sustainable growth, resilience, and agility.
Further, the Bank grew its loan book to Kes 378.1 billion from Kes 335.2 billion, representing 12.8 percent growth.
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Its subsidiaries also helped push up the profit.
Co-op Consultancy & Bancassurance Intermediary Ltd. posted a gross profit of Kes 762.9 million in Q3 2023, which is attributed to the strong penetration of the banking business.
Likewise, Kingdom Bank Limited, a niche MSME bank, contributed a profit before tax of Kes 786.6 million, a growth of 24.8 percent from the 630.2 million reported last year.
“As a Bank that is predominantly-owned by the 15 million-member Co-operative Movement that is represented in all regions of the country, we are inclusive by design, which has enabled us to not only deliver shared prosperity today, but also helped us build an awareness and prudence to avoid participation in activities that risk putting future generations in jeopardy,” Muriuki added.
