Cooperative Bank profit after tax for the six months of this year has risen to Ksh 13 billion.
The 7.3pc profit growth when compared to the same period last year was driven by a double-digit growth in net interest income to Ksh 23.9 billion.
Co-op Bank says net loans and advances increased 2.8pc to Ksh 375.6 billion. This helped drive up the total operating income by 10.9pc from Ksh 35.4 billion to Ksh 39.2 billion.
Total non-interest income grew by 11.2pc to Ksh 15.4 billion. In addition, net interest income grew by 10.7pc from Ksh 21.5 billion to Ksh 23.9 billion.
On the other hand, total operating expenses increased by 11.1pc from Ksh 19.1 billion to Ksh 21.3 billion.
Other key financial highlights include a 7.8pc growth in total assets to Ksh 716.9 billion and a 9.4pc increase in customer deposits to Ksh 507.4 billion.
Group managing director Dr Gideon Muriuki says the lender has moved 93pc of all customer transactions to alternative delivery channels away from banking halls.
He says the Mco-op Cash Mobile wallet is disbursing about Ksh 6.1 billion monthly, which is a key non-funded income stream.
