Banking -Cooperative Bank of Kenya profits have surged from 55.7 percent to 11.5 percent this being an remarkable improvement compared to year 2021 where it had sh 7.4 billion within H1 period.
In its report released on Saturday August 27, this positivity was triggered by increased revenues where interest in income grew from sh 25.9 billion in H1 2021 to sh 28.5 billion in H1 2022.
According to a local publication, non-interest income also increased to sh 13.3 billion in H1 2022 up from sh 10.3 billion in the corresponding period last year. Further, the banking group’s total assets went up 5.4% to sh 603.9 billion from sh 573 billion, last year.
The report also shows that total operating income grew by 17.8 per cent from sh 29.2billion to sh 34.4 billion. The board, however, did not recommend the payment of an interim dividend for the period.
From the financial review latest report, customer deposits realised a growth to sh 423 billion, a 4% from sh 407.7 billion while shareholders’ funds grew to sh 96.7 billion up from sh 92.6 billion in the same period in 2021. The results announced by Co-op Bank continued the trend of strong financial performances by Kenyan banks in the first half of the year.
Co-op Bank CEO Gideon Muriuki stated that the strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility.
Equity, KCB and NCBA are among Tier-1 banks that have reported surges in profitability in H1 2022. Growth is being driven by accelerated post-covid economic recovery.
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