Co-operative Bank of Kenya (CBK) has reported a 60.6 per cent increase in its profits after tax for the first six months of the year.

Improved letter of credit (L/C) business contributed to the bank's stronger performance.

Improvements

The bank recorded a net profit of 2.3 billion Kenyan shillings (Sh2.3 billion) in the period ending 30 June 2010.

This compares with Sh1.45 billion in the same period last year.

Growing commissions

The bank says it grew its non-funded income by about 45 per cent in the first six months of this year.

This was due to stronger L/C business as well as improved commissions from ATM, personal and business banking and foreign exchange income according to CBK.

More customers

The bank also reported a growing customer base.

CBK's total deposits increased to Sh74 billion during the first half of this year, which was 49 per cent more than the previous six months.

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