Co-op Bank profit increases by 8 per cent to KSh6.6 billion in first quarter

Co-op Bank has released its financial report for the first quarter of this year.

The report showed that the bank had a profit after tax growth of 7.7 per cent to KSh6.58 billion which is an increase of KSh470 million from KSh6.11 billion posted during last year’s first quarter.

The bank also reported a profit before tax growth of KSh10.6 from KSh8.15 billion to KSh9.01 billioAll Postsn, an increase of KSh860,000,000. The bank’s earnings per share (EPS) also increased by KSh0.8 to KSh1.12 from KSh1.04 in the corresponding period last year.

Co-op’s assets also experienced an impressive 13.2 per cent increase from KSh631.3 billion to KSh714.7 billion, an increase of KSh83.4 billion.

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Co-op Bank’s emphasis on corporate lending led to a 5 per cent growth in Loan and Advances, reaching a total of KSh378.1 billion, while customer deposits surged by 14.8 per cent year-on-year, amounting to KSh481.8 billion. This influenced an increase in the Total Interest income by 8.6 per cent.

The bank’s operating income experienced a 5.6 per cent growth, reaching KSh18.8 billion, while operating expenses remained unchanged at KSh8.3 billion.

Additionally, Gross Non-Performing Loans increased by 19.4 per cent year-on-year, totaling KSh66.5 billion.

By Frank Mugwe

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