Co-operative Bank Records Ksh 10.44 Billion Shillings in Half-Year Results

By Denis Muritu

The Co-operative Bank of Kenya has registered a profit before tax of 10.44 billion shillings for the first half of 2019 in the financial results released by the lender on Thursday.

The 10.44 billion shillings in pretax profits for H1 of 2019 is an increase from 9.98 billion shillings recorded at the same time in 2018.

The pretax profits grew by 5 percent despite the prevailing challenges in Kenya’s economy including the persistence of the Interest Capping Rate.

Profits after tax came in at 7.5 billion shillings, up from 7.1 billion shillings recorded in 2018.

Total operating income for Co-operative Bank grew by 21.8 billion shillings to 23 billion shillings while non-interest income increased by 25 percent from 7 billion shillings to 8.8 billion shillings.

Interest income from the government securities increased by 22 percent from 4.5 billion shillings to 5.5 billion shillings.

Operating expenses grew by 5 percent from 11.97 billion shillings to 12.6 billion shillings as a result of cost management strategy by the lender.

The lender’s total assets grew by 31.8 billion shillings, an increase of 8 percent to 430 billion shillings compared to 398.4 billion shillings at the same time in 2018.

Investment in government securities grew by 3 percent from 252.1 billion shillings to 257.6 billion shillings.

Deposits from the customers grew by 8.3 percent from 300 billion shillings to 325 billion shillings while funds borrowed from development partners increased by 16 percent or 3 billion shillings to 21.5 billion shillings from 18.4 billion shillings in 2018.

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