Group CEO Gideon Muriuki noted that the earnings were anchored on the lenders ‘Soaring Eagle’ strategic plan initiated in 2014.
Under the project, Co-op Bank had intended to improve operating efficiency as well as enhance customer experience. In the period, operating expenses went up by 15.4%, while customer deposits increased by 6.7% to Ksh548.6B.
Operating income, on the other hand, increased by 13.9% to Ksh67.4B, driven by growth in net interest income. Despite net loan losses and advances growing by 6.6%, to Ksh406.5b, the bank recommended a Ksh1.00 as an interim dividend.