Co-operative Bank Q1 Profit Dips 3.6pc to KSh3.46bn

The bank’s profit after tax declined to KSh3.46 billion on 31st March 2021 from KSh3.59 billion on 31st March 2020 as the provisions for loan losses increased in the period under review.

Co-operative Bank of Kenya has reported a 4% dip in its net profit for the three months to March 2021 compared to the same period in 2020. 

The bank’s profit after tax declined to KSh3.46 billion from KSh3.59 billion on 31st March 2020 as the provisions for loan losses increased in the period under review.

Co-operative Bank Q1 Profit Dips 3.6pc to KSh3.46 billion.

Co-operative Bank of Kenya has reported a 4% dip in its net profit for the three months to March 2021 compared to the same period in 2020.

The bank’s profit after tax declined to KSh3.46 billion from KSh3.59 billion on 31st March 2020 as the provisions for loan losses increased in the period under review.

“The Group prudentially increased loan loss provisions to KSh2.3 billion in the first quarter of the year in appreciation of the challenges that businesses and households continue to face due to the economic effects of the ongoing pandemic,” said Gideon Muriuki, the chief executive.

Its interest income, rose 28% to KSh13.45 billion in the quarter from KSh10.54 billion a year earlier.  However, non-interest income fell by 9% to KSh4.52 billion from KSh4.98 billion in March last year.

“The Group prudentially increased loan loss provisions to KSh2.3 billion in the first quarter of the year in appreciation of the challenges that businesses and households continue to face due to the economic effects of the ongoing pandemic,” said  Gideon Muriuki, the chief executive.

Its interest income, rose 28% to KSh13.45 billion in the quarter from KSh10.54 billion a year earlier.  However, non-interest income fell by 9% to KSh4.52 billion from KSh4.98 billion in March last year.