Co-operative Bank has recorded a Kes 12.1 billion net profit growth for the half year ending June 2023 compared to Kes 11.5 billion in a similar period in 2022.

The lender attributed the growth to the high interest and non-interest incomes.

Net interest revenue jumped by 2.3 per cent to Kes 21.5 billion; total non-interest income went up by four per cent to Kes 13.8 billion pushing operating income from Kes 34.4 billion to Kes 35.4 billion.

 Group Managing Director (MD) Gideon Muriuki said that the Group continues pursuing strategic initiatives focusing on resilience and growth in the various economic sectors.

“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,” he said.

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Net loans and advances rose 10.1% to Kes 664.9 billion.

Similarly, customer deposits increased by over 10%, from Kes 423 billion to Kes 463.9 billion.

A 0.1 per cent decrease in operating costs to Kes 19.1 billion also contributed to the increase in revenue.

“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.