NAIROBI, Kenya- Cooperative Bank has unveiled impressive financial results for the first half of 2024, with profit after tax soaring to Sh13 billion.
This marks a robust 7.3pc increase compared to the same period last year, highlighting the bank’s solid performance and strategic growth initiatives.
The bank’s significant profit growth is largely attributed to a substantial rise in net interest income, which climbed to Ksh 23.9 billion—a notable 10.7pc increase from Ksh 21.5 billion.
This uptick in net interest income played a crucial role in boosting total operating income by 10.9pc, from Sh35.4 billion to Sh39.2 billion.
In addition to net interest income, total non-interest income also saw a healthy increase of 11.2pc, reaching Sh15.4 billion.
Despite this positive trend, total operating expenses grew by 11.1pc, from Sh19.1 billion to 21.3Sh billion.
Other key financial metrics include a 7.8pc rise in total assets, which now stand at Sh716.9 billion, and a 9.4pc increase in customer deposits, totaling Sh507.4 billion.
Group Managing Director Dr. Gideon Muriuki highlighted the bank’s strategic shift towards digital channels. Remarkably, 93pc of all customer transactions are now conducted through alternative delivery channels, reducing reliance on traditional banking halls.
A standout component of this digital strategy is the Mco-op Cash Mobile wallet, which disburses approximately Ksh 6.1 billion monthly. This service not only enhances customer convenience but also serves as a significant non-funded income stream for the bank.
Dr. Muriuki’s focus on digital transformation underscores Cooperative Bank’s commitment to modernizing its operations and meeting the evolving needs of its customers.
With its robust financial performance and strategic digital initiatives, Cooperative Bank is well-positioned for continued success. The growth in profit, assets, and customer deposits reflects a strong foundation and the effectiveness of its strategic decisions.
As the bank moves forward, it will likely continue to leverage its digital channels and innovative solutions to drive growth and enhance customer experiences.
