Co-op Bank of Kenya has registered a net profit growth of 4.4 percent to 3.6 billion shillings in the first financial quarter of 2019.
The increase in profit after tax has been attributed to higher loans income and non-funded income coupled with reduced operating costs.
The lender’s non-interest revenue rose by 19.1 percent year to year to stand at 4.2 billion shillings.
This growth pushed the overall performance of Co-op Bank which improved its net earnings to 3.59 billion shillings for the period under review as opposed to the 3.44 billion shillings registered during the same period the previous year.
Co-op Bank’s investment in government securities increased by 35.9 percent to 106 billion shillings. This pushed the interest income from the investments up by 39.6 percent to 2.8 billion shillings in Q1 2019 from 75 billion shillings during a similar period in 2018.
The lender’s total operating costs decreased by 1.2 percent to 6 billion shillings in the period. Net loans also dropped 0.5 percent to 251.6 billion as total assets and deposits register a growth of 7.0 and 7.4 percent to 425 billion shillings and 317 billion shillings respectively.