{"id":83683,"date":"2023-03-17T10:22:41","date_gmt":"2023-03-17T07:22:41","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=83683"},"modified":"2023-03-17T10:22:41","modified_gmt":"2023-03-17T07:22:41","slug":"coop-bank-grows-full-year-profit-to-sh22bn","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2023\/03\/coop-bank-grows-full-year-profit-to-sh22bn\/","title":{"rendered":"Coop bank grows full year profit to Sh22bn"},"content":{"rendered":"<p><strong>NAIROBI, Kenya, March 17 \u2013 Cooperative bank has posted a Sh22bilion profit for the full year ended December 31 2022, a 33.3 per cent jump compared to the Sh16.5 billion reported in 2021.<\/strong><\/p>\n<p>The improved performance saw the lender announce a Sh8.8 billion dividend payout to shareholders, this translates to a dividend of Sh1.50 per share, a 50 per cent increase compared to the Sh1 paid out in 2021.<\/p>\n<p>Cooperative bank CEO Gideon Muriuki, said the strong performance is in line with \u201cthe Group\u2019s strategic focus on sustainable growth, resilience, and agility.<\/p>\n<p>During the year under review, the lender maintained sustained growth as operating income grew by 17.9 per cent from Sh60.4 billion, to Sh71.3 billion.<\/p>\n<p>The Group&#8217;s loan book grew by 9.4 per cent, with Sh339.4 billion disbursed in net loans and advances to customers, up from Sh310.2 billion in 2021.<\/p>\n<p>This saw the bank\u2019s total net interest income grow by 10.9 per cent from Sh41 billion to Sh45.5 billion. Non-interest income grew by 32.7 per cent to Sh25.7billion from Sh19.4 billion.<\/p>\n<p>Credit management remains a key focus area, with the Group prudentially making provisions of Sh8.7 billion which have enhanced the bank\u2019s Loan Loss Reserve\/Coverage levels to 74 per cent , from 69 per cent in 2021.<\/p>\n<p>Deposits hit Sh607.2 billion, up from Sh579.8 billion in 2021.<\/p>\n<p>Total assets closed the year at Sh607.2 billion, a 4.7 per cent growth from Sh579.8 billion in the same period last year.<\/p>\n<p>Total operating expenses equally went up by 10.9 per cent from Sh38.1 billion to Sh42.2 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NAIROBI, Kenya, March 17 \u2013 Cooperative bank has posted a Sh22bilion profit for the full year ended December 31 2022, a 33.3 per cent jump compared to the Sh16.5 billion reported in 2021. The improved performance saw the lender announce a Sh8.8 billion dividend payout to shareholders, this translates to a dividend of Sh1.50 per [&hellip;]<\/p>\n","protected":false},"author":14318,"featured_media":45999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1343,1,687],"tags":[9575,7045],"coauthors":[4325],"class_list":["post-83683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banks","category-kenya","category-top-stories","tag-cooperative-bank","tag-full-year-profit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coop bank grows full year profit to Sh22bn - Capital Business<\/title>\n<meta name=\"description\" content=\"NAIROBI, Kenya, March 17 \u2013 Cooperative bank has posted a Sh22bilion profit for the full year ended 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