Cooperative Bank Group has announced a 7.6 percent net profit increase for half year 2018.
Financial results submitted by the group to Nairobi Securities Exchange (NSE) today morning show the group profitability grew to Sh7.14 billion compared to Sh6.63 billion.
The results for the period ending June 30, 2018 show that growth was driven by increase in interest income on loans and government securities.
During the period, interest income from loans increased 5.5 percent to Sh16.1 billion while earned interest from government securities grew by 17.3 percent to Sh4.54 billion from Sh3.87 billion.
A scan through the group’s balance sheet shows the operations for the period were driven business model by a lower risk appetite.
The statement shows that the group its loan book growth was almost flat at 0.8 percent to Sh251 billion from Sh249.3 billion. However, investments in government securities increased 8.63 percent to Sh51.7 billion from Sh47.6 billion.