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Co-operative Bank Group, a Nairobi-based financial services firm led by Kenyan banking magnate Gideon Muriuki, produced an outstanding financial performance at the end of 2022’s first six months, with its profit exceeding $95 million.
Its profit in the first half of 2022 increased by more than 55 percent to Ksh11.47 billion ($95.7 million) from Ksh7.36 billion ($61.4 million) in the first half of 2021, according to figures in the group’s recently published financial statement.
The group’s interest and non-interest income, which topped Ksh28.5 billion ($237.7 million) and Ksh13.2 billion ($110.1 million), respectively, in the first six months of 2022, can be attributed to the strong results generated during the period under review.
Muriuki, CEO of Co-operative Bank Group, owns a two-percent stake in the leading financial services group. He commented on the group’s first-half financial performance, stating that “the good performance is in accordance with the group’s strategic focus on sustainable growth, resilience, and agility.”
He went on to add that the bank will continue to pursue strategic initiatives centered on resilience and expansion in diverse economic sectors, anchored by a successful universal banking model supported by an innovative digital presence and a large physical footprint.
Aside from the spike in both interest and non-interest revenue, which drove operating income to record levels, the group’s earnings growth can also be attributed to benefits from its cost-control initiative, which reduced the group’s cost to income ratio to 46 from 59 percent in 2014.
As a result of the strong financial performance, the group’s total assets across its subsidiaries roose from Ksh579.7 billion ($4.83 billion) at the start of the year to Ksh603.92 billion ($5.03 billion), while retained earnings increased from Ksh84.2 billion ($702.1 million) to Ksh95.53 billion ($796.6 million).
