Co-op Bank earnings jump 46pc to Sh11.7bn

Cooperative Bank of Kenya Thursday announced a 46.2 per cent rise in profit after tax of 11.7 billion for the year 2015 compared to Sh8.01 billion recorded in 2014.

The bank’s group managing director Gideon Muriuki attributed the performance to the lender’s improving operational efficiencies, reduced operating costs and improved customer delivery platforms.

The group cut 528 jobs in 2014 and put a freeze on recruitment to cut costs.

During the period the lender’s interest income grew by 25 per cent from Sh29.3 billion to Sh36.8 billion supported by the growth in loan book. The lender recommended a dividend payment of Sh0.8 compared to 50cents in 2014.

Coop Bank becomes the latest lender to report growth in profitability in a year where most listed firms had issued profits warnings for their full year earnings.