Co-operative Bank of Kenya's nine-month profit up 19 pct
21 November 2013, 09:08
Nairobi - Rising interest income helped the Co-operative Bank of Kenya post an 18.8 percent jump in pretax profit for the first nine months of this year, the lender said on Wednesday.
The bank, which started operating in neighbouring South Sudan last month, was the latest in a line of big Kenyan lenders to post double-digit profit growth for the period.
Its profit rose to 8.91 billion shillings ($103.13 million) largely attributed to an increase in its net interest income, which rose by 3 billion shillings to 14.58 billion shillings compared to the previous period.
The bank, which is rooted in the country's vibrant co-operative movement which brings together farmers and workers, said earnings per share rose to 1.66 shillings from 1.41 shillings in the same period last year.
($1 = 86.4000 Kenyan shillings)