Cooperative bank of Kenya recorded a net profit growth of Sh13 billion for the half-ended June 2024.
This was a 7.3 percent increase from Sh12.1 billion reported in the same period last year.
This growth is attributed to higher income and an increase in customer deposits. The bank’s profit before tax reached Sh18.2 billion, reflecting a 10.7 percent increase from the Sh16.4 billion reported during the same period in 2023.
The bank net loans and advances increased 2.8percent Sh375.6 billion up from Sh365.4 billion same period last year.
This helped drive up the total operating income by 10.9percent from Sh35.4 billion to Sh39.2 billion.
Other key financial highlights included a 7.8percent growth in total assets to Sh716.9 billion and a 9.4percent increase in customer deposits to Sh507.4 billion.
Group Managing Director Dr Gideon Muriuki said the lender has moved 93percent of all customer transactions to alternative delivery channels away from banking halls.
He said the Mco-op Cash Mobile wallet is disbursing about Sh6.1 billion monthly, which is a key non-funded income stream.
