Co-op Bank Kenya reported a robust financial performance for the first half of 2024, with net profit climbing 7% to Ksh13 billion compared to the same period last year.
This growth was driven by a 10.7% increase in net interest income to Ksh23.9 billion and an 11.2% rise in non-interest income to Ksh15.4 billion.
Despite an 11% increase in operating expenses to Ksh21.3 billion, primarily due to higher provisions for loan losses and increased staff costs, the bank managed to deliver a strong performance, achieving a Return on Equity of 22.1%.
“The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility delivering a Return on Equity of 22.1 per cent,” said Co-op Bank Group Chief Executive Gideon Muriuki in a statement.
The lender’s asset base expanded by 7.8% to Ksh716.9 billion, while customer deposits surpassed the Ksh500 billion milestone for the first time, reaching Ksh507.4 billion.
Co-op Bank also grew its branch network by eight locations to 199 and increased its workforce by 317 employees.
Additionally, the bank’s subsidiaries, including Kingdom Bank and Co-op Consultancy & Bancassurance Intermediary Limited, reported strong financial results.
