- The lender's gross earnings rose by 10.6% to Sh9.01 billion from Sh8.15 billion.
- Total assets grew to Sh714.7 billion, a 13.2% growth from Sh631.1 billion in the same period last year.
Cooperative Bank loaned Sh200 million every day in the first three months of the year through digital channels, driving the group's net earnings to Sh6.6 billion.
Launched in late 2020, the mobile-based platform offers small loans, account opening, utility payments, funds transfer, airtime top-up, and cash withdrawal services through mobile phones.
The Q1 results released Thursday show that the lender's Mco-op Cash Mobile wallet drove substantial non-funded income streams with Sh18.1 billion in loans disbursed in Q1 2024, averaging Sh6 billion per month.
'The platform interfaces online banking through personal computers, mobile phones and USSD availing our services to all customers,'' Co-op Bank Group MD Gedion Muriuki said.
This saw the Group's net loans and advances grow to Sh378.1 billion, a five per cent growth from Sh360.1 billion same period last year.
The lender's gross earnings rose by 10.6 per cent to Sh9.01 billion from Sh8.15 billion.
Improved Sacco dividends earned by the bank's customers who form a significant base to the country's 15 million Cooperatives and Sacco movement saw deposits grow by 14.8 per cent to Sh481.8 billion from Sh419.8 billion same period in 2023.
Data from the State Department of Cooperatives shows savings grew by 15.6 per cent to Sh1. 047 trillion last year from Sh906 billion.
Growth in deposits cemented Co-op Bank's position as the country's largest lender in terms of assets after KCB Group and Equity Bank Group.
According to the bank, total assets grew to Sh714.7 billion, a 13.2 per cent growth from Sh631.1 billion in the same period last year.
Total operating income grew by 5.1 per cent from Sh17.9 billion to Sh18.8 billion.
Total non-interest income remained stable to stand at Sh7.1 billion, similar to the performance recorded a year ago.
Net interest income on the other hand grew by 8.6 per cent from Sh10.8 Billion to Sh11.7 billion in 2023. Total operating expenses increased marginally by 0.5 per cent from Sh9.8 billion to Sh9.9 billion.
The group's efficiency improved during the quarter under review to record a Cost-to-Income Ratio of 44.1 per cent from 59 per cent in 2014 when it initiated the growth and efficiency journey.
The bank's subsidiaries recorded improved growth during the period, with Co-operative Bank of South Sudan's gross earnings rising 49 per cent to Sh128.5 billion from a loss of Sh71.4 million in 2023.
Kingdom Bank, the group's subsidiary MSME lender contributed a gross profit of Sh350.3 million, a remarkable growth of 33.9 per cent from Sh261.5 million reported in Q12023.
Co-op Bancassurance Intermediary on the other hand posted Sh305 million in profits while Co-op Trust Investment Services contributed Sh75.5 million compared to Sh51.2 million same period last year.