This archive report was first published on 22 August 2019.
On August 22, 2019, Cooperative Group announced a 5.6 percent increase in half-year earnings, reaching Ksh.7.5 billion.
The bank's net profit rose due to its de-risking strategy, which included alternative revenue channels such as bancassurance and leasing.
Non-interest funded income increased by 25 percent to Ksh.8.8 billion, while the bank's insurance agency and consultancy business contributed Ksh.353 million to the half-year balance sheet.
The bank's investment trust business grew funds under management to Ksh.100 billion, and interest earned from government debt rose by 22 percent to Ksh.5.5 billion.
Cooperative Bank has also benefited from increased funding, with an additional Ksh.3 billion in borrowed funds and shareholder injection.
As a result, the bank's total assets exceeded Ksh.400 billion, and its capital to risk-weighted assets solidified to 16.7 percent, surpassing the Central Bank's coverage threshold of 14.5 percent.
