NAIROBI, Kenya, Nov 18 – The Cooperative Bank of Kenya has posted an Sh11.6 billion net profit for the nine months ended September, an 18.9 percent growth which was attributed to increased net interest income.
The bank’s net interest income rose by 21.3 percent to Sh 28.7 billion while the total operating income grew by 19.2 percent to Sh 44.4 billion.
Loans issued to customers, over the period, grew by 7.8 percent to 306.3 billion while customer deposits grew by 12 percent to Sh420.4 billion
A 50 percent growth in loan-loss provisions pushed the company’s total operating expenses to Shs. 28 Billion, a 19.2 percent rise.
Commenting on the results, the firm’s Chief Executive Officer(CEO) Gideon Muriuki, assured the bank’s commitment to execute a proactive mitigation strategy anchored on a strong enterprise risk management framework and to enable uninterrupted access to banking services.
“We shall riding on the unique synergies in the over 15 million-member co-operative movement that is the largest in Africa, continue to pursue strategic initiatives that focus on resilience and growth in the various sectors as the economy continues to recover,” he said.
The bank has revised its loans provisions upwards (50 percent) to Sh 6 million in order to aid businesses and households which are reeling from the effects of the COVID-19 pandemic.
“A total of Sh 49 billion in loans was restructured during the CBK restructure window that ended on 31st March 2021, with the restructured facilities largely performing as per the realigned agreements,” the bank said.
