From left Co-op bank group Managing Director & CEO Dr Gideon Muriuki , Chairman Mr. John Murugu and the Vice Chair, Mr. Macloud Malonza go through Co-op Bank’s Annual Report during the bank’s 14th Annual General Meeting held virtually on Friday 27 May 2022.

Co-operative Bank of Kenya has reported a Ksh. 5.8 Billion net profit for Q1 2022, this represents a 65.7% increase in profitability as compared to Ksh. 3.5 Billion in a similar period last year.

This rise in profitability was on the back of a rise in total interest income 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.

During the period, the lender’s balance sheet size increased to KSh 596.9 billion from KSh 552.9 billion in Q1 2021, a growth of 8%. While loans to customers increased by 9%, from KSh 298.2 billion to KSh 324.5 billion.

The bank’s 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.

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.

Co-op Group managing director Gideon Muriuki, had this to say, “The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility.”

By Fred Azelwa.