Co-operative Bank has published its results for the six months ended June 30. The bank saw its half-year net profit surge 55.7% to Ksh11.5 billion compared to Ksh7.4 billion in H1 2021.
Growth was driven by a spike in revenues. Interest income grew from Ksh25.9 billion in H1 2021 to Ksh28.5 billion in H1 2022.
Non-interest income also increased to Ksh13.3 billion in H1 2022 up from Ksh10.3 billion in the corresponding period last year. The banking group’s total assets grew 5.4% to Ksh603.9 billion from Ksh573 billion last year.
Total operating income grew by 17.8 per cent from Ksh29.2billion to Ksh34.4 billion. The board, however, did not recommend the payment of an interim dividend for the period.
Customer deposits grew to Ksh423 billion, a 4% from Ksh407.7 billion.
