The Co-operative Bank of Kenya has become the second most valuable bank at the Nairobi Security Exchange (NSE) with a Ksh70 billion market valuation.
The bank started the year with a valuation of Ksh52.2 billion at the start of the year, though analysts posit that it is the only traded lender whose share price is not volatile.
On Thursday the lender's share price closed at Ksh11.85.
The lender reported a profit before Tax of Ksh16.4 billion for the first half of 2023, a 7.4 per cent growth compared to a similar period last year.
Co-op Bank is the third largest bank in terms of assets and customers.
Their assets stand at Ksh664.9 billion, making it among the largest lenders in East and Central Africa. On Thursday, the bank was valued at Ksh3 billion higher than its closest competitor.
According to the bank, the growth underscores Co-op's solid financial position and market competitiveness.
The lender has over 9 million account holders, putting it among the top financial service providers in the region.
In the half-year financial report, its customer deposits grew by 9.7 per cent from Ksh423 billion to Ksh463.9 billion.
Further, it shows that investors at the NSE have confidence in the bank's ability to generate consistent returns and weather economic uncertainties.
“The strong performance by the bank is in line with the group’s strategic focus on sustainable growth, resilience, and agility,” the bank's CEO Gideon Muriuki noted during the half-year results release.
“The group continues to pursue strategic initiatives that focus on resilience and growth in the various economic sectors.”
