NAIROBI, Kenya, May 16 – The Co-operative Bank of Kenya profit after tax grew by 7.7 percent to Sh6.58 billion in the first quarter of 2024 compared to a similar period last year, buoyed by increased net interest incomes.
The lender made Sh6.11 billion in profit after tax in the first quarter of last year, which ran from January to March.
Net interest revenue, which includes fees and commissions, expanded by 8.6 percent to Sh11.7 billion, up from Sh10.8 billion.
However, non-interest income remained stable at Sh7.1 billion.
“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.
A 0.5 percent rise in operating expenses to Sh9.9 billion was neutered by a 5.1 percent increase in operating income.
While customer deposits expanded by 14.8 percent to Sh481.8 billion, net loans and advances grew by 5 percent to Sh378.1 billion.
Kingdom Bank Limited, a niche MSME bank of the Co-op Bank, recorded a 33.9 percent to Sh350.3 million gross profit.
“Co-op Bancassurance Intermediary Ltd posted a Profit Before Tax of Kshs 305 Million in Q12024, riding on strong penetration of Bancassurance business,” Muriuki said.
“Co-operative Bank of South Sudan that is a unique joint venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) made a Profit Before Tax of Kshs 128.5 Million in Q12024 compared to a loss of Kshs. 71.4 million in Q12023,” he added.
