In half year results released by Co-operative Bank Kenya, the financial institution recorded a 4% increase in its net profit, bringing it to a total of 7.5 billion Kenyan Shillings, which is higher than the 7.1 billion Kenyan Shillings reported during the same period in 2018.
Co-operative Bank’s growth was to a very large extent, as a result of an increase in the revenues from both non-interest and interest sources.
The total interest income in the 6 month period was 20.4 billion Kenyan Shillings which had a slight increase of 200 million Kenyan Shillings, making it higher than the 20.2 billion Kenyan Shillings recorded in the same period last year (2018).
The total non-interest income in the 6 month period increased to 8.8 billion Kenyan Shillings, which is a 25 percent growth from 7 billion Kenyan Shillings figure clocked in 2018.
Co-operative Bank Kenya’s gross non performing loans increased to 30.5 billion Kenyan Shillings from 28.2 billion Kenyan Shillings. Loan loss provision also increased to 10.9 billion Kenyan Shillings from 7.9 billion Kenyan Shillings.
The financial institution’s earnings per share in the current half year was 1.27 Kenyan Shillings compared to 1.22 Kenyan Shillings in the previous half year for 2018.
Co-operative Bank Kenya is a large financial services institution with total assets being valued at US$3.9 billion (404.15 billion Kenyan Shillings).
It has a customer base that comprises of over 7.5 million accounts in Kenya alone, as at December 2018.
