Co-operative Bank first quarter pre-tax profit jumps 30 per cent

The Bank has posted a Shs 6.8 billion profit for half-year 2014, and launched a mobile wallet dubbed M-Co-opcash to up its game in the mobile payments area and better serve its 4.6 million customers and the over 10 million members of the co-operative movement.

Kenya: The Co-operative Bank of Kenya has reported a 30 per cent increase in first-quarter pre-tax profit to Sh4.5 billion from Sh3.47 billion in the similar period last year, buoyed by a jump in interest income.

The bank said net interest income, the money banks earn from interest charges on loans, climbed 21 per cent to Sh5.8 billion in the three months to end-March. The NSE-listed bank said non-funded income grew by 8 per cent to Sh2.87 billion from Sh2.66 billion. The lender saw its net profit increase by 28 per cent to Sh3.17 billion in the three months through March, compared with Sh2.47 billion a year earlier.