Co-op Bank's after-tax profit hits Sh7.4 billion on interest income

Co-operative Bank CEO Gideon Muriuki during a past investor briefing. PHOTO | FILE |

What you need to know:

  • The lender saw its performance greatly boosted by total interest income which jumped 28.7 per cent to Sh21.5 billion.

The Co-operative Bank of Kenya has posted an 18.7 per cent jump in net earnings for the six months to June on higher interest income.

The tier one lender has reported that its half-year net profit is Sh7.41 billion, compared to the Sh6.24 billion that the bank recorded during a similar period in 2015.

Co-op Bank, which has been pursuing a cost-cutting agenda over the past two years, saw its performance greatly boosted by total interest income which jumped 28.7 per cent to Sh21.5 billion.

The majority of this income came from loans and advances which grew by Sh3.2 billion to close the period at Sh16.8 billion as the bank’s loan book increased eight per cent to Sh221.3 billion.

The NSE-listed bank ended the half-year with total assets of Sh363 billion (compared to the previous Sh325.1 billion) while total liabilities grew by Sh27.6 billion to Sh305.4 billion.

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