Co-operative Bank Half-Year Net Profit up 5.8% to KSh 12.1 Billion
Co-operative Bank of Kenya recorded a 5.8% increase in profit after tax to KSh 12.1 billion at the end of the first six months of this year.
The lender’s earnings were boosted by a 2.3% growth in net interest income and a 3.9% increase in non-interest income.
 The Co-operative Bank Loan book grew in size by 10.7% to KSh 365.4 billion while its Customer Deposits increased by 9.7% to KSh 463.9 billion.
Net Non-Funded income grew 3.9% to KSh 13.8 billion while there was a 2.3% increase in Net Interest Income to KSh 21.6 billion. The growth in net interest income was driven by an 11.9% growth in interest income but weighed down by a faster increase in interest expense by 38.90% resulting from the increased cost of deposit mobilization.
The growth in non-funded income was driven mainly by increased income from loan fees and commissions. Notably, there was a 10.00% decline in forex income, contrary to the industry trend.
Co-operative Bank shares closed at KSh 11.60, a year-to-date loss of 5.7% on 21st August 2023.
The Co-operative Bank of Kenya is still the main supplier of Automated Teller Machines(ATM) services, Cheques, and Agency Banking Services to the 175 Deposit-Taking SACCOs in Kenya.
Co-operative Bank of Kenya through its SACCO-Link ATM brand designed for SACCOs remains the highest provider of ATMs services for DT-SACCOs with more than 112 DT-SACCOs being hooked on its ATMs services.
This underscores the critical role that the Bank plays within the DT-SACCO system.
