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Sky is the limit for Kenya Co-operative Bank

By James Wafula in Nairobi.

Co-operative Bank of Kenya’s profit has jumped by more than half to Sh16.5 billion, helped by increased income and reduced expenses.

The net profit for the year to December 2021- March 2022 was a 53 per cent increase from the Sh10.8 billion reported in 2020.

The earnings raced past the pre-covid 19 pandemic profit of Sh14.3 billion in 2019, signaling that the lender has joined its peers in overcoming the disruptive virus.

“This is the best performance ever by the bank, and is in line with the group’s strategic focus on sustainable growth and transformation,” said Co-op Bank Group Chief Executive Dr. Gideon Muriuki.

The lender’s net interest income grew 12 per cent to Sh41 billion on the back of the loan book rising eight per cent to Sh310.2 billion.

Non-interest income also grew by 11 per cent to Sh19.4 billion, to take the total operating income for the year ended December 2021 to Sh60.4 billion.

The board has recommended payment of Sh1 per share as dividend, amounting to Sh5.86 billion, being the same as for the previous year.

Co-op Bank was among the few lenders that maintained the same dividend despite the Covid-19 disruptions that saw banks such as KCB, Equity and Absa either cut or freeze payments to preserve cash.

The net profit for the year to December 2021 was a 53 per cent increase from the Sh10.8 billion reported in 2020.

The earnings raced past the pre-pandemic profit of Sh14.3 billion in 2019, signaling that the lender has joined its peers in overcoming the disruptive virus.

“This is the best performance ever by the bank, and is in line with the group’s strategic focus on sustainable growth and transformation,” said Co-op Bank Group Chief Executive Mr Gideon Muriuki.

The lender’s net interest income grew 12 per cent to Sh41 billion on the back of the loan book rising eight per cent to Sh310.2 billion.

Non-interest income also grew by 11 per cent to Sh19.4 billion, to take the total operating income for the year ended December 2021 to Sh60.4 billion.

The board has recommended payment of Sh1 per share as dividend, amounting to Sh5.86 billion, being the same as for the previous year.

Co-op Bank was among the few lenders that maintained the same dividend despite the Covid-19 disruptions that saw banks such as KCB, Equity and Absa either cut or freeze payments to preserve cash■

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