Kenyan Lender Co-operative Bank rakes in $72m Profit in Six Months

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Co-operative Bank’s net profit for the first six months of 2019 has grown 4.6 percent to Sh7.5 billion ($72 million), majorly supported by growth in non-interest income, Business Daily Africa has reported.

Total non-interest income, mainly from fees and commissions on loans and advances, increased by 25 percent from Sh7 billion to Sh8.8 billion while interest income grew marginally to Sh20.45 billion from Sh20.2 billion.

Group Managing Director Gideon Muriuki said prudent cost management strategy and revenue diversification helped to deliver the growth in profitability.

“The group has continued with a strategy for continued deepening and dominance in our domain market segment while reviewing opportunities to grow alternative revenues from other services like bancassurance, and leasing business.,” said Mr Muriuki.

The strong growth in non-funded income helped to grow the top line despite the sluggish growth in total interest income.

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