The Cooperative Bank of Kenya has announced that its pre-tax profit for the 2010 financial year rose by 50 per cent compared to the previous year, coastweek.com reports.
Indeed, the bank reported profits of $70.1 million (£43.7 billion) for 2010 compared to a 44.3 million dollar profit for 2009.
After-tax profit, meanwhile, experienced a double digit increase reaching 54.9 million dollars up from 35.6 million dollars in 2009, a 55 per cent increase.
Gideon Muriuki, the bank's managing director, said its impressive growth was fueled by leveraging the cooperative movement in Kenya.
"This 50 per cent increase in profit resulted from the expansion of our customer base most of which includes the vibrant cooperative movement," he remarked.
Mr Muriuki added: "Our marketing strategy paid off and resulted in the total cash deposits jumping from 1.1 billion dollars to 1.4 billion dollars in 2010 a 35 per cent increase."
The most lucrative sector was the loans to the cooperative movement, the bank confirmed.