Co-operative Bank Group has registered a net profit of Kshs. 19.2 billion during the first nine months of 2024, up from Kshs. 18.4 billion posted in the corresponding period last year.
The Group’s gross profit for the quarter stood at Kshs. 26.8 billion, representing 8.5% growth from Kshs. 24.7 billion registered in Q3 of 2023.
Total assets during the period under review surged to Kshs. 760.8 billion from Kshs. 661.3 billion in 2021. Net loans and advances, on the other hand, grew to Kshs. 381.3 billion from Kshs. 378.1 billion in the same period last year.
The Group saw its customer deposits increase by 18.7% to Kshs. 514.0 billion from 432.8 billion. Total operating income increased by 10.8% to Kshs. 59.2 billion from 53.4 billion, while total operating expenses increased by 12.7% to Kshs. 32.7 billion from 36.9 billion.
Net interest income increased by Kshs. 35.9 billion, representing 12.35 growth compared to Kshs 32.8 billion in 2023. Total non-interest income surged by 8.2% to Kshs. 22.3 billion from Kshs. 20.6 billion.
“The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility delivering a competitive Return on Equity of 21.3%, riding on the “Soaring Eagle” Transformation Agenda,” noted the Group Managing Director and CEO DR. Gideon Muriuki.
During the period under review, the lender disbursed Kshs. 55.7 billion in loans through the Mco-op Cash Mobile wallet.
In addition, the Bank has disbursed Kshs. 11 billion to Micro, Small, And Medium Enterprises (MSME) through its Mobile E-Credit solution. According to the lender, MSME accounts for 15.9% of the Group’s total loan book.
Kingdom Bank Limited, a subsidiary of Co-op Bank Kenya, contributed to Kshs. 929.2 million profit before tax, while Co-op Trust Investment Services Ltd contributed a Profit Before Tax of Kshs. 254.9 million during the period under review. However, the contribution of South Sudan’s subsidiary to the Group’s profit was low by hyperinflation accounting due to the devaluation of the South Sudan pound.
Muriuki emphasized the Bank’s commitment to pursue strategic initiatives that focus on resilience and growth in different economic sectors. “This is anchored on a successful universal banking model supported by an innovative digital presence, a wide physical footprint, and the unique synergies in the over 15 million-member co-operative movement that is the largest in Africa,” he said.
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