Co-operative Bank of Kenya Group Managing Director and CEO Gideon Muriuki. [File, Standard]
Co-operative Bank of Kenya (Co-op Bank) has posted a 28 per cent surge in half-year net profit, marking its strongest-ever first-half performance.
The record earnings were driven by a boom in subsidiary revenues and an improving loan book, helping the lender defy broader economic headwinds that have weighed on Kenya's banking sector.
Also, net profit for the six months that ended on June 30 rose to Sh18 billion from Sh14.1 billion a year earlier, the bank said in a statement.
The results cement Co-op Bank's position as one of the country's best-performing tier-one lenders, even as the sector grapples with elevated non-performing loans and the spillover effects of the Middle East conflict on energy costs and inflation.
"This strong performance underscores the significant gains made under our 2025-2029 Good to Great Strategy and the 'Soaring Eagle' Transformation Agenda," Group Managing Director and CEO Gideon Muriuki said in the statement.