Co-operative Bank's net profit between January and September jumped 22.27 per cent on increased interest income, the lender announced Thursday morning. The net earnings rose to Sh10.54 billion from Sh8.62 billion, Kenya's second largest bank by market share reported. Net interest income hit Sh22.41 billion, a growth of 28.94 per cent year-on-year, while non-interest income expanded 6.81 per cent to Sh9.88 billion. Loans increased by 6.92 per cent to Sh227.05 billion, while customer deposits were flat, rising 1.6 per cent to Sh257.80 billion. "The sustained good performance is attributable to the realisation of gains arising from the bold Transformation Project that the bank has been implementing since 2014 with a critical focus on improvement in operating efficiencies, sales force effectiveness and innovative customer delivery platforms," managing director Gideon Muriuki said at an investor briefing in Nairobi.

Source: The Star November 17, 2016 09:10 UTC