Co-op Bank net profit rises to KSh 5.8 B in Q1 2022

Co-operative Bank of Kenya recorded a 65.7% increase in net profit to KSh 5.8 billion at the close of Q1 2022. This is compared to KSh 3.5 billion over a similar period last year.

Co-op Bank’s unaudited financial statements for the period ended 31st March 2022, the lender’s balance sheet size increased to KSh 596.9 billion from KSh 552.9 billion in Q1 2021, a growth of 8%.

The Group’s pre-tax profit grew by 56%, from KSh 4.9 billion to KSh 7.8 billion, while loans to customers increased by 9%, from KSh 298.2 billion to KSh 324.5 billion.

Co-op Bank customer deposits grew by 4%, from KSh 393.8 billion to KSh 410.8 billion. Total Shareholders’ funds grew from KSh 93.7 billion in Q1 2021 to KSh 102.7 billion at the end of Q1 2022.

Total interest income increased to KSh 14 billion from KSh 13.4 billion, while non-interest income increased to KSh 6.4 billion from KSh 4.5 billion.

Co-op Bank Group lowered its provisions for loan losses to KSh 1.5 billion from KSh 2.3 billion at the close of Q1 2021.

The lender’s Earnings per Share improved to KSh 0.99 in Q1 2022 from KSh 0.59 in Q1 2021, while gross non-performing loans declined to KSh 49.5 billion from KSh 51.9 billion during the period under review.

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