NAIROBI, Kenya, March 17 – Cooperative bank has posted a Sh22bilion profit for the full year ended December 31 2022, a 33.3 per cent jump compared to the Sh16.5 billion reported in 2021.
The improved performance saw the lender announce a Sh8.8 billion dividend payout to shareholders, this translates to a dividend of Sh1.50 per share, a 50 per cent increase compared to the Sh1 paid out in 2021.
Cooperative bank CEO Gideon Muriuki, said the strong performance is in line with “the Group’s strategic focus on sustainable growth, resilience, and agility.
During the year under review, the lender maintained sustained growth as operating income grew by 17.9 per cent from Sh60.4 billion, to Sh71.3 billion.
The Group’s loan book grew by 9.4 per cent, with Sh339.4 billion disbursed in net loans and advances to customers, up from Sh310.2 billion in 2021.
This saw the bank’s total net interest income grow by 10.9 per cent from Sh41 billion to Sh45.5 billion. Non-interest income grew by 32.7 per cent to Sh25.7billion from Sh19.4 billion.
Credit management remains a key focus area, with the Group prudentially making provisions of Sh8.7 billion which have enhanced the bank’s Loan Loss Reserve/Coverage levels to 74 per cent , from 69 per cent in 2021.
Deposits hit Sh607.2 billion, up from Sh579.8 billion in 2021.
Total assets closed the year at Sh607.2 billion, a 4.7 per cent growth from Sh579.8 billion in the same period last year.
Total operating expenses equally went up by 10.9 per cent from Sh38.1 billion to Sh42.2 billion.
