Co-op Bank profit up 47% to Ksh.17.1 billion in Q3 results

The Co-operative Bank of Kenya profit surged by 47 percent to Ksh.17.1 billion from Ksh.11.6 billion posted same period last year.

This is attributable to higher income with non-interest funded income which rose ahead of interest income at 28 per cent.

The non-funded income (NFI) touched Ksh.20.1 billion from Ksh.15.7 billion as fees and commissions on loans grew by 52.7 percent to Ksh.8.4 billion.

Foreign exchange (FX) trading income on the other hand soared by 74 percent to Ksh.3.3 billion in the period.

The lender’s net interest income surged by 11.5 percent to Ksh.32 billion from Ksh.28.7 billion with the bank’s loan book having expanded by 9 percent to Ksh.335.2 billion.

The bank’s costs grew at a slower rate of 5.7 percent to stand at Ksh.29.6 billion in the three quarters.

Co-op Bank has not declared an interim dividend for the period.

Lawrence Baraza

Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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