Net Interest Income For Co-Op Bank Goes Up By 22.8 percent to 14.46 billion

The Kenyan equities market closed on a positive note as depicted by the indices and the value of transactions on Wednesday.

The benchmark indicator, NSE-20 share index registered a 0.66 percent gain to close at 3508.51 points; while the NSE All Share Index advanced marginally by 0.48 percent to perch at 147.50 points.

The NSE 25 Share Index went up by 0.23 percent to close at 3979.47 points. Equity turnover closed on a positive note of KES 0.844 billion, having edged up by 41.99 percent, attributable to a 40.9 percent increase in the volumes traded during Wednesday’s session.

Market capitalization expanded by 0.48 percent to close at 2,124.54 billion shillings from 2,114.42 billion shillings.

A/D ratio exhibited a slight decline from 1.62x recorded yesterday to perch at 0.88x as the number of stocks that declined -17 outweighed the number of stocks that advanced -15.

The Cooperative Bank of Kenya Limited (NSE: COOP) released their 2Q16 results, recording an 18.7 percent growth in profit after tax (PAT) to 7.41 billion shillings from 6.24 billion shillings in at the same time in 2015.

This was as a result of an increase in net interest income which was up 22.8 percent to 14.46 billion shillings from 11.77 billion shillings in 2015 as well as the non-interest income which grew 14.7 percent to 6.85 billion shillings from 5.97 billion shillings in 2015.

The upswing in the non-funded income was attributable to a 6.2 percent increase in other fees and commission, a 288.1 percent upsurge in other income.

Interest expense was up by 42.8 percent to 7.01 billion shillings from 4.91 billion shillings. Operating expenses went up 21.0 percent y-o-y to 10.96 billion shillings as provisions in loans increased by 96.4 percent to 1.31 billion shillings. Loan and advances were up 8.0 percent to 221.29 billion shillings while customer deposits went up 12 percent to 278.25 billion shillings.