{"id":66121,"date":"2022-08-25T14:39:50","date_gmt":"2022-08-25T14:39:50","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/coop-banks-h1-profit-jumps-55-to-sh11-5-billion"},"modified":"2022-08-25T14:53:58","modified_gmt":"2022-08-25T14:53:58","slug":"coop-banks-h1-profit-jumps-55-to-sh11-5-billion","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/coop-banks-h1-profit-jumps-55-to-sh11-5-billion","title":{"rendered":"Coop Bank\u2019s H1 profit jumps 55% to Sh11.5 billion"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Co-op Bank Group has posted a 55.4 per cent jump in net earnings for the first six months of the year, as sector tailored products and digital banking paid off.<\/p>\n

The Group\u2019s profit after tax for the period grew to Sh11.5 billion compared to Sh 7.4 billion reported in 2021.<\/p>\n

The performance delivers a competitive Return on Equity of 24.2 per cent to shareholders, with the percentage increase being the biggest so far reported by tier one banks.<\/p>\n

Profit Before Tax for the period was Sh15.3 billion, a 45.7 per cent growth when compared to Sh10.5 billion recorded in the second quarter of 2021.<\/p>\n

This came as Co-operative Bank of South Sudan, a unique joint venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%), returned a profit of Sh55.5 million in the quarter, compared to a loss of Sh290.1 million in a similar period a year ago.<\/p>\n

\u201cThe strong performance by the bank is in line with the Group\u2019s strategic focus on sustainable growth, resilience, and agility,\u201d Group managing director and CEO Gideon Muriuki said in a statement on Thursday.<\/p>\n

Its loan book expanded by 9.6 per cent as loans and advances grew to Sh330 billion, from Sh301.2 billion.<\/p>\n

During the period, total operating income grew by 17.8 per cent from Sh29.2 billion to Sh34.4 billion.<\/p>\n

Total non-interest income grew by 29 per cent from Sh10.3 billion to Sh13.3 billion.<\/p>\n

This is primarily from fees including deposit and transaction fee as the bank recorded a jump in customer deposits, to Sh423 billion, from Sh407.7 billion.<\/p>\n

Net interest income grew by 11.8 per cent from Sh18.8 billion to Sh21.1 billion.<\/p>\n

The lender\u2019s total operating expenses increased marginally by 2.5 per cent from Sh18.7billion to Sh19.2 billion.<\/p>\n

With government securities remaining a key investment areas by banks, Coop\u2019s closed the period with Sh183.2 billion.<\/p>\n

Shareholders\u2019 funds grew to Sh96.7 billion, a 4.4 per cent increase from Sh92.6 billion in 2021.<\/p>\n

Total Assets grew to Sh603.9 billion from Sh573 billion in the same period last year.<\/p>\n

Credit management remains a key focus area as the lender continues to execute its credit quality and growth strategies, Muriuki said, that have registered progressive improvement in loan book quality.<\/p>\n

The Group prudentially provided Sh3.3 billion compared to Sh4.2 billion provided in 2021, indicating improving quality of its asset book as businesses and households continue to recover from the impact of Covid-19 pandemic.<\/p>\n

Through its digital channel strategy, the bank has successfully moved 94 per cent of all customer transactions to alternative delivery channels, an expanded 24-hour contact centre, mobile banking, 558 ATMs, internet banking and a countrywide network of Co-op Kwa Jirani agents.<\/p>\n

\u201cWe have successfully migrated our customers to the Omni-channel, integrating accessibility and user experience,\u201d management said.<\/p>\n

A successful universal banking model and the implementation of sales force effectiveness has seen the Group serve nine million account-holders across all sectors.<\/p>\n

Key focus on digital banking, with the all-telco Mco-op Cash Mobile Wallet continuing to play a pivotal role in the growth of non-funded income with five million customers registered.<\/p>\n

Loans worth Sh40.8 billion have been disbursed year-to-date, averaging over Sh 6.8 billion per month.<\/p>\n

SUBSIDIARIES<\/p>\n

Co-op Consultancy & Bancassurance Intermediary limited posted a profit before tax of Sh593.3 million in the second quarter of 2022, riding on strong penetration of bancassurance business.<\/p>\n

Co-operative Bank of South Sudan returned to profitability with net earnings of Sh55.5 million in the quarter, compared to a loss of Sh290.1 million in a similar period a year ago.<\/p>\n

Co-op Trust Investment Services contributed Sh85.7 million in profit before tax in the second quarter of 2022, with Funds Under Management of Sh196.4 billion, compared to Sh179.4 billion in June 2021.<\/p>\n

Kingdom Bank Limited (a niche MSME Bank) has contributed a profit before tax of Sh405.9 million in the second quarter of 2022, compared Sh275 million reported last year, representing a 48 per cent growth year-on-year.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Co-op Bank Group has posted a 55.4 per cent jump in net earnings for the first six months of the year, as sector tailored products and digital banking paid off. The Group\u2019s profit after tax for the period grew to Sh11.5 billion compared to Sh 7.4 billion reported in 2021. The performance […]<\/p>\n","protected":false},"author":84,"featured_media":66120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6857,7003,544],"class_list":["post-66121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nCoop Bank\u2019s H1 profit jumps 55% to Sh11.5 billion - kenya<\/title>\n<meta name=\"description\" content=\"Co-op Bank Group has posted a 55.4 per cent jump in net earnings for the first six months of the year, as sector tailore ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/coop-banks-h1-profit-jumps-55-to-sh11-5-billion\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coop Bank\u2019s H1 profit jumps 55% to Sh11.5 billion\" \/>\n<meta property=\"og:description\" content=\"Co-op Bank Group has posted a 55.4 per cent jump in net earnings for the first six months of the year, as sector tailore ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/coop-banks-h1-profit-jumps-55-to-sh11-5-billion\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-25T14:39:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-25T14:53:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2022\/08\/postQueueImg_18-63078cf40ddf9.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"759\" \/>\n\t<meta property=\"og:image:height\" content=\"562\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/coop-banks-h1-profit-jumps-55-to-sh11-5-billion#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/coop-banks-h1-profit-jumps-55-to-sh11-5-billion\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Coop Bank\u2019s H1 profit jumps 55% to Sh11.5 billion\",\"datePublished\":\"2022-08-25T14:39:50+00:00\",\"dateModified\":\"2022-08-25T14:53:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/coop-banks-h1-profit-jumps-55-to-sh11-5-billion\"},\"wordCount\":652,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/coop-banks-h1-profit-jumps-55-to-sh11-5-billion#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2022\/08\/postQueueImg_18-63078cf40ddf9.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/coop-banks-h1-profit-jumps-55-to-sh11-5-billion#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/coop-banks-h1-profit-jumps-55-to-sh11-5-billion\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/coop-banks-h1-profit-jumps-55-to-sh11-5-billion\",\"name\":\"Coop Bank\u2019s H1 profit jumps 55% to Sh11.5 billion - 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