Mco-op cash lends Sh14.4bn to 4.6mn customers in first half of 2019August 26, 2019
NAIROBI, Kenya, Aug 22 – Co-operative Bank has reported a five per cent growth in pre-tax profits in the first half of 2019 compared to a similar period in 2018.
The bank with an 8.2 million account-holder base made Sh10.4 billion in the first half of 2019 compared to Sh9.9 billion in the first quarter of 2018.
“Profit after tax was Sh7.5 billion compared to Sh7.1 billion in the previous year,” the bank stated in a report released on Thursday.
“Total operating income grew by 5 per cent from Sh21.8 billion to Sh23 billion, total non-interest income increased by 25 per cent from Sh7 billion to Sh8.8 billion, while interest income from government securities increased by 22 per cent from Sh4.5 billion to Sh5.5 billion,” the report highlighted.
The bank’s operating expenses grew by five per cent Sh11.97 billion to Sh12.6 billion, “as a result of prudent cost management strategy and enhanced efficiency.”
Mobile banking platform Mco-op Cash saw Sh14.4 billion in loans disbursed to 4.6 million customers.
Co-operative bank’s joint venture with the Government of South Sudan where it holds a majority stake of 51 per cent posted Sh93 million before tax a 19 per cent drop compared to Sh115 reported in the first half of 2018.
The consultancy and insurance subsidiary had made Sh353 million by June 30.