Co-op Bank’s Half Year Profits Up 55% To Ksh 11.5 Billion

The Co-operative Bank of Kenya made 11.5 billion shillings in half-year profits to June, a 55.4 percent growth pegged on…

 Co-op Bank’s Half Year Profits Up 55% To Ksh 11.5 Billion

The Co-operative Bank of Kenya made 11.5 billion shillings in half-year profits to June, a 55.4 percent growth pegged on customer lending and payment charges. At the same time last year, the Co-operative Bank made 7.4 billion shillings in profits

In one of the most growth in terms of the loan portfolio, Co-op Bank saw its loan portfolio grow from 29 billion shillings to 330 billion shillings as it tailored its lending toward the private sector. Investment in Government securities rose marginally to 183.2 billion shillings, compared to 182 billion shillings in 2021.

The non-interest income grew 29 percent to 13.3 billion shillings. At the same time, the lender has disbursed billions in small business loans as Co-op works with SMEs to ensure the bank maintains borrowers.

According to Co-op Bank, over 162,000 customers have taken up the MSME packages that were rolled out in 2018, and 26,943 have been trained on business management skills. The bank has so far disbursed 12.6 Billion shillings to MSMEs through our Mobile E-Credit solution.

Co-op Bank is among the top lenders in Kenya that have developed products and services that support small businesses, helping thousands of businesses during the Covid-19 pandemic.

The Group’s SME niche lender Kingdom Bank, also recorded impressive growth booking a 48 percent pretax profit of 405.9 million shillings in the second quarter of 2022 compared to 275 million shillings reported last year.

Other subsidiaries including Co-op Consultancy and Bancassurance Intermediary Ltd posted a gross profit of 593.3 million shillings with Co-op Trust Investment Services contributing 85.7 million shillings in profits.

The Co-operative Bank of South Sudan run in partnership with the government of South Sudan returned a profit of 55.5 million shillings compared to a loss of 290.1 million shillings in a similar period a year ago. The Group’s assets grew to 603.9 billion shillings, from 573 billion shillings with customer deposits growing to 423 billion shillings.

The bank says it looks forward to a profitable year.

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