Co-op Bank Posts 24.4% Annual Profit Decline on Loan Loss Provisions

Co-operative Bank Group on Thursday posted a 24.4% fall in 2020 net profit to Ksh 10.8 billion in FY2020

Co-operative Bank Group on Thursday posted a 24.4% fall in 2020 net profit to Ksh 10.8 billion in FY2020 attributed to a 219.5% spike in loan loss provisions.

Its subsidiary, Kingdom Bank returned a net loss of  Ksh 0.2 million compared to a loss of Ksh.1.1 billion FY2019.

The lender’s loan book expanded 7.5% over FY2019 to Ksh 286.6 billion driven by an increase in personal lending. Customer deposits shot up 13.8% to Ksh 378.6Bn  driven by growth in customer numbers and aggressive deposit mobilization.

The Board of Directors has recommended/approved the payment of Kshs.1.00 per ordinary share (2019-Kshs.1.00) to be paid on or about 14th April 2021 to the shareholders registered on the Bank register at the close of business 31st March 2021.

“The register will remain closed for one day on 13th April 2021 for the preparation of dividend warrant.”