Co-operative Bank Q1 Net Profit Rises 7.7% to Sh6.58bn

The Co-operative Bank of Kenya reported a 7.7 percent increase in profit after tax, reaching Sh6.58 billion in the first quarter of 2024, compared to the same period last year. This growth was driven by increased net interest incomes.

In the first quarter of last year, the bank posted a profit after tax of Sh6.11 billion.

Net interest revenue, encompassing fees and commissions, rose by 8.6 percent to Sh11.7 billion, up from Sh10.8 billion.

Meanwhile, non-interest income remained steady at Sh7.1 billion.

“Co-op Bank is pleased to report a Profit Before Tax of Kshs. 9.01 Billion for Quarter 1 2024, a commendable 10.6% growth compared to Kshs. 8.15 Billion recorded in Quarter 1 2023,” stated Co-op Bank Group MD and CEO Gideon Muriuki.

Operating expenses saw a modest 0.5 percent increase to Sh9.9 billion, balanced by a 5.1 percent rise in operating income.

Customer deposits grew by 14.8 percent to Sh481.8 billion, while net loans and advances increased by 5 percent to Sh378.1 billion.

Kingdom Bank Limited, a specialized MSME bank under Co-op Bank, achieved a 33.9 percent rise in gross profit to Sh350.3 million.

“Co-op Bancassurance Intermediary Ltd posted a Profit Before Tax of Kshs 305 Million in Q1 2024, benefiting from strong penetration of the Bancassurance business,” Muriuki noted.

He added, “The Co-operative Bank of South Sudan, a unique joint venture (JV) partnership with the Government of South Sudan (Co-op Bank 51% and GOSS 49%), achieved a Profit Before Tax of Kshs 128.5 Million in Q1 2024, compared to a loss of Kshs. 71.4 million in Q1 2023.”