Co-op Bank’s subsidiaries post positive growth in half year results
Co-operative Bank Group’s subsidiaries have reported positive growth in the first six months of the year.
The lender’s financial report for the first half of the year shows Co-operative Bank of South Sudan returned to profitability after a three-year hiatus.
The joint venture (JV) between Coop Bank Group and the Government of South Sudan reported a profit of Sh55.5 million in the quarter, compared to a loss of Sh290.1 million in a similar period a year ago.
Kingdom Bank Limited (a niche MSME Bank) acquired by the group from Jamii Bora in 2020 almost doubled its gross profit to Sh405.9 million from Sh275 million reported last year, representing a 48 per cent growth year-on-year.
The Group’s bancassurance arm, Co-op Consultancy & Bancassurance Intermediary Limited posted a profit before tax of Sh593.3 million during the quarter, riding on strong penetration of the bancassurance business.
Co-op Trust Investment Services on other hand contributed Sh85.7 million in profit before tax, with Funds Under Management of Sh196.4 billion, compared to Sh179.4 billion in June 2021.
“The strong performance by the bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility,” Group managing director and CEO Gideon Muriuki said in a statement.
