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Co-op Bank brushes off rate cap to post HY profit of Sh7.1b

Total assets grew to Sh398.4 billion compared to Sh383.3 Billion in the same period last year/FILE

NAIROBI, Kenya, Aug 16 – Co-operative Bank has posted Sh7.1 billion in profit after tax for the first half of 2018 compared to Sh6.6 billion recorded the previous year.

The Bank says the improved performance is attributable to the recovery of the operating environment from the significant headwinds that businesses had to contend with in the aftermath of the 2017 Elections.

Total interest income improved by 7.9 per cent from Sh19.25 billion to Sh20.8 billion while interest income from loans & advances increased by 5.7 per cent from Sh15.26 billion to Sh16.13 billion.

Total assets grew to Sh398.4 billion compared to Sh383.3 Billion in the same period last year.

Net loans and advances book, however, dropped to Sh251.1 billion compared to Sh252.6 billion recorded in the same period last year.

Total deposits grew by 4.5 per cent from Sh287.2 billion to Sh300.2 billion

Shareholders’ funds grew from Sh64.5 billion to Sh68 billion, an impressive growth of 5.5 per cent, supported by a steady growth in retained earnings.

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