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Kenya's Co-op Bank first half profit rises to Sh8.75billion

BUSINESS
By Reuters | August 12th 2015

The Co-operative Bank of Kenya's first-half pretax profit rose 29.63 percent to 8.75 billion shillings ($87 million) lifted by higher non-interest income, the lender said on Wednesday.

Non-interest income, including gains from foreign exchange trading, rose by close to 800 million shillings in the period to 5.97 billion shillings, the bank said in a statement.

The bank, which also operates in South Sudan, said its total operating expenses fell 4 percent to 9.06 billion shillings, mainly due to a round of job cuts last year.

Earlier this year, Co-op bank forecast annual profits could jump by more than 30 percent in 2015 after job cuts and removal of red tape across its branches.

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