The Co-operative Bank of Kenya recorded a net profit growth of 7.7 percent to Kes 6.58 billion in the first quarter of 2024, compared to the Kes 6.11 billion posted in the same period last year.

The lender attributed the growth to increased net interest incomes.

Net interest revenue, which includes fees and commissions, expanded by 8.6 percent to Kes 11.7 billion, up from Kes 10.8 billion.

However, non-interest income remained stable at Kes7.1 billion.

“Co-op Bank is pleased to report a Profit Before Tax of Kes 9.01 Billion for Quarter 1 2024, a commendable 10.6% growth compared to Ks 8.15 Billion recorded in Quarter 1 2023,” Co-op Bank Group MD and CEO Gideon Muriuki said.

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Further, he said a 0.5 percent rise in operating expenses to Kes 9.9 billion was buoyed by a 5.1 percent increase in operating income.

While customer deposits expanded by 14.8 percent to Kes 481.8 billion, net loans and advances grew by 5 percent to Kes 378.1 billion.

On the other hand, Kingdom Bank Limited, a niche MSME bank of the Co-op Bank, recorded a 33.9 percent gross profit of Kes 350.3 million.

“Co-op Bancassurance Intermediary Ltd posted a Profit Before Tax of Kes 305 Million in Q12024, riding on strong penetration of Bancassurance business.”

“Co-operative Bank of South Sudan that is a unique joint venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) made a Profit Before Tax of Kes 128.5 Million in Q12024 compared to a loss of Kes 71.4 million in Q12023.”