Co-operative bank net profit declined by 10%

[Photo: The Kenyan Herald]

Nov, 19th 2020 – Kenya’s Co-operative Bank net profit for the nine months period to September 30 declined by 10 percent over reduced banking transactions and increased provisioning to cushion against the economic disruption occasioned by the Covid-19 pandemic.

In a statement  on Thursday group’s Chief Executive in Gideon Muriuki, says the bank will ride on the unique synergies in the over 15 million-member co-operative movement that is the largest in Africa, and  continue to pursue strategic initiatives that focus on resilience and growth in the ‘New Normal’ as the Nation focuses on flattening the curve and as vibrancy returns to the Economy.

The lender, which is listed on the Nairobi Securities Exchange (NSE), recorded a profit after tax (PAT) of Ksh9.8 billion ($98 million) compared to Ksh10.9 billion ($109 million) in the same period last year, according to the unaudited financial statements released Thursday.

Coop bank, the country’s fourth largest lender by assets ($5.1 billion) increased its loan loss provision by 90 percent to Ksh4 billion ($40 million) from Ksh2.1 billion ($21 million) in response to the challenges that businesses and households are grappling with as a result of the coronavirus that has infected more than 72,000 people in the country.

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