Businesses & Financial News

Kenya’s Co-op bank records 3.6 pc dip in profits due to Covid-19

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Kenya’s Co-operative bank of Kenya Thursday said its after-tax profit plummeted by 3.6 per cent in the first half of the year, hit by the effects of the novel coronavirus pandemic.

The bank’s profit after tax fell to Sh 7.2 Billion compared to Sh7.5 Billion it announced in the same period last year even though the bank’s pretax registered a growth of Sh.9.6 Billion for the period compared to Sh10.44 Billion last year.

“The strong performance is an affirmation of the resilience of the business in view of the most challenging operating environment occasioned by the Covid-19 pandemic that has brought about unprecedented economic and social disruption globally,” said the Group’s chief executive Gideon Muriuki.

The bank’s total operating expenses also grew by 16 per cent from Sh12.6 Billion to Sh 14.6 Billion on due to the higher loan loss provisions – in a period that saw the lender restructures Sh39.2 Billion pandemic – related loans to cushion customers against the impact of the pandemic.

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