The Co-operative Bank of Kenya has recorded a pre-tax net profit of Sh26.8 billion for the third quarter of 2024, representing an 8.5 per cent year-on-year growth.
Profit after tax grew to Ksh19.2 billion from Ksh18.4 billion reported in the third quarter of 2023.
This performance was driven by increases in customer loans and deposits, supporting growth in both interest and non-interest income.
“The strong performance is in line with the bank’s strategic focus on sustainable growth, resilience, and agility.” Co-operative Bank Group Managing Director and Chief Executive Officer (CEO) Dr. Dideon Muriuki said.
According to the Q3 financial results, Co-op Bank delivered a competitive Return on Equity of 21.3 per cent, riding on the ‘Soaring Eagle’ Transformation Agenda.
The bank’s unaudited results for the period ending September 30, 2024, showed total operating income rose to Sh59.2billion from Sh53.4billion in 2023.
Interest income from loans increased by 24.5 percent to Sh39.4 billion, while fee income from transactions such as loan processing and foreign exchange also saw significant growth.
Customer deposits climbed 19.5 percent to Sh513.9billion, with total assets reaching Sh750.8 billion, supported by investments in government securities.
Shareholders’ equity stood at Sh131.8 billion, with a return on equity (ROE) of 20.3 per cent. The bank maintained a strong liquidity position, positioning it for future growth.
