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Co-op Bank profit drops 3 percent on bad loans provisions

Co-op Bank has restructured terms of Sh39.2 billion loans since Covid-19 started and says it is still actively considering customer applications on a case by case basis. FILE PHOTO | NMG

By  Patrick Alushula

Business Reporter

Nation Media Group

Co-operative Bank’s #ticker:COOP half-year net profits have dropped by 3.6 per cent to Sh7.2 billion on account of higher loan loss provisioning in a Covid-19 environment.

This happened despite an increase in revenue from mainstay lending business. Net earnings dropped from Sh7.5 billion posted in a similar period last year, making Co-op the latest top lender to post a drop in profit on increased provisioning for bad debts linked to the infectious virus that struck Kenya mid-March.

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Note: The results are not exact but very close to the actual.

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