The Co-operative Bank of Kenya has recorded a 5.5 per cent growth in its profit after tax to Kes6.1 billion in three months to March 2023.

The growth is compared to the Kes5.8 billion, recorded in a similar period last year.

The lender has attributed the growth to high interest and non-interest income, which includes commissions and fees.

While non-interest income grew by 10.8 per cent to Kes7.1 billion, interest income grew by 3.9 per cent to Kes 10.8 billion.

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“Co-op Bank Group is pleased to report a Profit Before Tax of Kes 8.15 Billion for the first quarter of 2023, representing a 4.67% growth compared to Kes 7.78 Billion recorded in the first quarter of 2022,” Co-op Bank CEO Gideon Muriuki said.

“This represents a Profit after Tax of Kes 6.1 Billion compared to Kes 5.8 Billion reported in 2022, a 5.2% growth,” Muriuki added.

“The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility.”

Further, operating expenses increased by 8.8 per cent from Kes9 billion to Kes 9.8 billion.

“The Group reports considerable efficiency gains from the various initiatives to record a Cost-to-Income Ratio of 46.3% in Q12023, a remarkable improvement from 59% in FY2014 when we began our Growth & Efficiency journey.”