Co-op Bank of Kenya has recorded a 7.4 per cent increase in its half-year profits, reaching Shs 12.1 billion in the first six months of 2023.
This is an improvement from the Shs 11.5 billion earned in the same period in 2022.
According to a statement issued on Thursday, Co-op Bank Group Chief Executive Gideon Muriuki attributed the performance to the growth in lending, reduced expenses, and higher net interest income.
Mr Muriuki noted that the bank’s non-interest-funded income rose by four per cent to Sh13.8 billion from Sh13.3 billion in the first half of 2022.
The bank’s net interest income also increased by 2.3 per cent to Sh21.5 billion from Sh21.1 billion in the previous year.
The bank managed to lower its total costs to Sh19.1 billion, which boosted its bottom line.
