NAIROBI, Kenya, May 22 – Co-operative Bank has reported a 4.4% year on year growth in 1Q19 Earnings Per Share.
The growth was buoyed by Non-interest Revenue (NIR) which grew 19.1% year on year to Sh4.2 Billion spurred by a 33.5% rise in other fees and commissions.
Net Interest Income (NII) however fell by 6.5% on account of a 2.9% drop in interest income, coupled with a 6.2% rise in interest expense.
Total operating expenses before provisions grew modestly at 3.5% year o year on account of a 5.6% increase in staff costs to Sh2.8 Billion, while other operating expenses were muted by 1.5%. Provisions declined 34.3% to Sh500,000 million against our expectations of a 16.1% year on year rise.
The balance sheet grew 7% primarily driven by investment in government securities, despite the 0.5% decline in the loan book.