The Co-operative Bank of Kenya says it delivered a solid first quarter of 2024, with profit after tax rising 7.7% to KSh 6.58 billion compared to the same period last year.
This growth was attributed to an increase in net interest income, which includes interest earned on loans and fees charged to customers.
“Co-op Bank is pleased to report a Profit Before Tax of Kshs. 9.01 Billion for Quarter 1 2024, a commendable 10.6% growth compared to Kshs. 8.15 Billion recorded in Quarter 1 2023,” Co-op Bank Group MD and CEO Gideon Muriuki said.
Co-op Bank’s performance highlights
- Profit after tax for Q1 2024 reached KSh6.58 billion, a 7.7% increase from KSh6.11 billion in Q1 2023.
- Net interest income grew by 8.6% to KSh11.7 billion in Q1 2024, compared to Sh10.8 billion in Q1 2023.
- Non-interest income, such as fees from other services, remained steady at KSh7.1 billion.
- Customer deposits rose by 14.8% to KSh481.8 billion in Q1 2024, indicating strong customer confidence.
- Net loans and advances grew by 5% to KSh378.1 billion in Q1 2024.
The Nairobi Securities Exchange-listed firm said both Kingdom Bank and Co-op Bancassurance Intermediary reported profits in Q1 2024. The Co-operative Bank of South Sudan also showed improvement, moving from a loss in Q1 2023 to a profit in Q1 2024.
“Co-operative Bank of South Sudan is a unique joint venture (JV) partnership with the Government of South Sudan (Co-op Bank 51% and GOSS 49%) made a Profit Before Tax of Ksh 128.5 Million in Q12024 compared to a loss of Ksh 71.4 million in Q12023,” he added.
The Co-op Bank will be holding its Annual General Meeting (AGM) virtually this Friday. Shareholders will vote on a proposal from the bank’s board to pay a dividend of KSh1.50 per share.
This dividend amount is the same as in 2022 and would total KSh8.8 billion in cash payments. The proposal comes after the bank reported net earnings of KSh23.2 billion for the year.
