The Co-operative Bank of Kenya has posted a Ksh6.5 billion profit for the first quarter of 2024 backed by growth in interest income.
This is a 7.7 per cent growth compared to the Ksh6.1 billion the lender posted in a similar period a year earlier.
Total assets for the review period grew 13.2 per cent to Ksh714.7 billion from Ksh631.1 billion registered in the same period last year.
Net loans and advances for Q1 grew to Ksh378.1 Billion, a 5 per cent jump from Ksh360.1 billion in Q1 of 2023.
Customer deposits grew to Kshs. 481.8 billion, a 14.8 per cent increase from Ksh419.8 billion.
“The Group reports excellent efficiency gains from the various initiatives to record a Cost-to-Income Ratio of 44.1 per cent in Q12024 from 59 per cent in FY2014 when we began our Growth & Efficiency journey,” said Co-operative Bank Group Managing Director (MD) & Chief Executive Officer (CEO) Gideon Muriuki.
Total operating income grew 5.1 per cent from Ksh17.9 billion to Ksh18.8 billion.
Total non-interest income for the review period remained stable to stand at Ksh7.1 billion, similar to the performance recorded a year ago.
Net interest income grew 8.6 per cent from Ksh10.8 billion to Ksh11.7 billion in 2023.
Total operating expenses increased marginally by 0.5 per cent from Ksh 9.8 billion to Ksh9.9 billion.
“Through our digital channel strategy, the Bank has successfully moved over 93 per cent of all customer transactions to alternative delivery channels, a 24-hour contact centre, 605 ATMs & Cash Deposit Machines (CDMs), mobile & internet banking and over 16,000 networks of Co-op kwa Jirani agents,” said Muriuki.
“The Bank continues to invest in a competitive team set to serve at existing functions at the same time tap new growth opportunities across all areas of the business.”