Co-operative Bank reported a robust financial performance, with a notable increase in profit after tax by Sh1.3 billion, reaching Sh18.4 billion in the nine months ending September.
This growth was attributed to an upswing in interest income from loans. Compared to the previous year’s net profit of Sh17.1 billion, the current figures reflect a positive trend.
Net interest income saw a 2.5 percent expansion, reaching Sh32.8 billion, while revenue from non-interest sources also contributed to the overall growth, increasing by 2.1 percent to Sh20.6 billion.
Co-op Bank CEO and MD Gideon Muriuki attributed this success to the institution’s strategic focus on sustainable growth, resilience, and agility.
The bank significantly expanded its loan book, showing a 12.8 percent growth from Sh335.2 billion to Sh378.1 billion. Subsidiaries played a pivotal role in boosting profits, with Co-op Consultancy & Bancassurance Intermediary Ltd. recording a gross profit of Sh762.9 million in Q32023, driven by a robust presence in the banking sector.
Kingdom Bank Limited, a niche MSME bank under Co-operative Bank, contributed to the positive financial trajectory.
It reported a profit before tax of Sh786.6 million, marking a substantial 24.8 percent growth from the previous year’s figure of Sh630.2 million.
Muriuki emphasized the inclusive nature of the bank, predominantly owned by the 15 million-member Co-operative Movement spread across the country
