Co-op Bank records Sh18b half-year profit on subsidiaries growth

Audio By Vocalize

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.