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Co-op Bank first quarter profit jumps 65.7pc to Sh5.8bn


Co-op Bank first quarter profit jumps 65.7pc to Sh5.8bn

Thursday May 26 2022

Co-operative Bank branch along Haile Selassie Avenue, Nairobi. FILE PHOTO | NMG

Cooperative Bank of Kenya’s net earnings grew by nearly two-thirds in the first quarter ended March, helped by higher interest and non-interest income and lower costs.

The bank announced Thursday its net profit in the period stood at Sh5.8 billion, up from Sh3.5 billion the year before.

Co-op Group managing director Gideon Muriuki said total operating income grew by 17 percent from Sh14.4 billion to Sh16.8 billion.

“The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility,” said Mr Muriuki.

The lender reported robust growth in all key revenue lines and subsidiaries, including bancassurance, fund management and Kingdom Bank that is 90 percent owned by the lender. 

Co-operative Bank of South Sudan finally turned the corner to report a Sh 43.9 million profit.

Co-op’s performance is a signal that Kenyan banks could set new earnings records this year after bumper profits last year attributed to the recovery of the economy from the Covid-19 pandemic.