Co-Op Bank 2022 Q1 up 56% to Ksh.5.8 billion
Co-operative Bank of Kenya’s net profits grew to Ksh.5.8 billion for the first three months of 2022 ending March 31.
This was a 56 percent increase compared to Ksh.3.5 billion that the bank posted during a similar period last year.
The growth was attributable to an increase in total operating income which expanded by 17 percent from Ksh.14.4 billion to Sh16.8 billion.
This was contributed by interest income which grew by 6 percent to Ksh.10.4 billion from Ksh.9.8 billion supported by increased volumes of loans and advances, as well as an improved level of recoveries
Co-Op bank’s Group Managing Director Gideon Muriuki said the performance was driven by the group’s strategic focus on sustainable growth, resilience, and agility the bank will use to execute proactive mitigation.
Muriuki explained that the strategy was anchored on a strong enterprise risk management framework, to enable uninterrupted access to banking services.
“We shall, riding on the unique synergies in the over 15 million-member co-operative movement that is the largest in Africa, continue to pursue strategic initiatives that focus on resilience and growth in the various sectors as the economy continues to recover,” said Muriuki.
Its total assets grew to Ksh.597 billion, representing strong growth of 8 percent year on year.
The growth was majorly from net loans and advances which were up by 9 percent to Ksh.298.2 billion from Ksh.324.5 billion in 2021.
Customer deposits grew to Ksh.410.8 billion, a 4 percent increase from Kshs.393.8 billion last year.
Investment in Government securities increased by 10 percent to Ksh.183.4 billion from Ksh.166.2 billion in 2021.
The group announced that nearly 151,500 customers have taken up the Micro, Small and Medium Enterprises ( MSMEs) packages that were rolled out in 2018.
Out of this 23,363 have been trained on business management skills.
The bank has also disbursed Ksh.4.3 billion to MSMEs through their Mobile E-Credit solution.