(Last Updated On: November 14, 2014)
Co-opeative Bank of Kenya was able to report a 9% drop in net profit in the nine months period ended September. This was mainly due to higher tax expenses which went up from 20 percent to 30 percent after the expiry of the five year tax holiday since listing in the NSE in 2008.
Profit before tax was up 2.5 percent to sh9.13 billion while net earnings stood at sh6.3 billion. Interest expenses went up by 27% to stand at sh5.8 billion while staff costs hit a rise of 13.9% to sh14.4 billion. Non interest income rose 23.7 percent to sh8.4 billion while interest income was up 8.8 percent to stand at sh20.8 billion