Co-operative Bank Reports Ksh 13 Billion Profit After Tax for H1 2024
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Co-operative Bank of Kenya recorded a profit after tax of Ksh 13 billion for the first six months of 2024, a 7 percent increase from the Ksh 12.1 billion recorded during the same period last year.
This was despite a difficult beginning to 2024, coupled with floods and widespread Gen Z protests across the country that disrupted economic activities for the better part of the year.
The lender’s results released today also showed that revenue rose by 10.9 percent to Ksh 39.2 billion, up from Ksh 35.4 billion in 2023.
Customer loans also witnessed a rise, hitting Ksh 375.6 billion, an improvement of 2.8 percent from Ksh 365.4 billion. This means that the Co-operative Bank’s loan portfolio has continued its upward trend for 10 straight years, from the Ksh 204.5 billion recorded in H1 2015. However, non-performing loans saw an increase of Ksh 11.32 billion to Ksh 69.6 billion.
The Co-operative Bank’s total assets reached Ksh 716.9 billion, a Ksh 52 billion improvement from H1 2023. Additionally, customer deposits experienced an impressive 9.4 percent increase, from Ksh 463.9 billion recorded in the first six months of 2023 to Ksh 507.4 billion.
Interest income also improved by 24.4 percent, from Ksh 32 billion in 2023 to Ksh 39.8 billion in 2024. However, Co-operative Bank’s net expense in the first half of 2024 increased by 52.6 percent, from Ksh 10.4 billion to Ksh 15.9 billion. This was driven by a 12.2 percent increase in operating expenses, from Ksh 16.3 billion in H1 2023 to Ksh 18.3 billion in 2024.
Read: Equity Group H1 2024 Profits Jump to Ksh 29.6 Billion
Net interest income saw a 10.7 percent increase to Ksh 23.9 billion, up from Ksh 21.5 billion. Additionally, non-interest income hit Ksh 15.4 billion, a Ksh 1.6 billion increase from Ksh 13.8 billion in 2023.
Shareholders’ funds saw an increase to Ksh 126.7 billion, a 17 percent improvement from the Ksh 108.3 billion the lender posted in 2023. Co-operative Bank loan loss provisions also increased by 4.9 percent to Ksh 3 billion, while the cost-to-income ratio stood at 46.6 percent.
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