Africa: Co-op Bank Q1 profit rises to $53mln
The NSE-listed lender, with operations in South Sudan, posted a profit after tax of Ksh6.9 billion ($53.48 million), up from Ksh6.6 billion ($51.16 million) in the same period in 2024.
Its operations in Juba yielded a profit before tax of Ksh80.7 million ($625,581.39), which translated to a monetary loss of Ksh47 million ($364,341.08) blamed on accounting adjustments to reflect the changes in general purchasing power of the South Sudanese pound in view of hyperinflationary pressures.
Group CEO Gideon Muriuki attributed the strong performance to the lender's strategic focus on sustainable growth, resilience, and agility, riding on the Soaring Eagle Transformation Plan adopted in 2014 to improve operational efficiencies and productivity.'The group continues to pursue strategic initiatives that focus on resilience and growth in the various economic sectors,' Mr Muriuki said in a statement on May 15.'This is anchored on a successful universal banking model supported by an innovative digital presence, a wide physical footprint, over 9.4 million account holders and the unique synergies in the over 15-million-member co-operative movement that is the largest in Africa.'The group's financial statement shows that total operating revenues grew by 12.8 percent to Ksh21.2 billion ($164.34 million), from Ksh18.8 billion ($145.73 million) buoyed by net interest income, which grew by 21.7 percent to Ksh14.2 billion ($110.07 million) from Ksh11.7 billion ($90.69 million) in the same period.
Non-interest income retreated 1.9 percent to Ksh6.9 billion ($53.48 million), from Ksh7.1 billion ($55.03 million).
Total operating expenses increased by 19.1 percent, rising from Ksh9.9 billion ($76.74 million) to Ksh11.7 billion ($90.69 million).
Total assets advanced by 8.3 percent to Ksh774. 1 billion ($6 billion) from Ksh714.7 billion ($5.54 billion), customer deposits grew by nine percent to Ksh525.2 billion ($1.95 billion) from Ksh481.8 billion ($3.73 billion) while net loans and advances grew by 1.7 percent to Ksh384. 5 billion ($2.98 billion) from Ksh378.1 billion ($2.93 billion).
The lender's Bancassurance Intermediary Ltd posted a profit before tax of Ksh402.1 million ($3.11 million), riding on strong penetration of Bancassurance business.
The group's banking subsidiary, Kingdom Bank Ltd, contributed a profit before tax of Ksh224.7 million ($1.74 million).
Co-op Trust Investment Services Ltd recorded a 113.9 percent growth in profit before tax to 161.5 million ($1.25 million) from Ksh75.5 million ($585,271.31), with funds under management currently standing at Ksh383.9 billion ($2.97 billion).
Kingdom Securities Ltd, the stockbroking unit posted a 199.6 percent growth in profit before tax to Ksh41.8 million ($324,031).
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