Co-operative Bank has posted a Sh7.2 billion net profit for the first six months to June, a 3.6 percent drop from Sh7.5 billion in a similar period last year on increased bad debt provisioning even as interest income grew.
Co-op Bank Group CEO Gideon Muriuki said the lender has raised its loan loss provision by 57.9 percent to Sh1.87 billion from Sh1.18 billion in appreciation of the tough environment facing borrowers since Covid-19 pandemic struck.
“This 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 Mr Muriuki.
reference:https://www.businessdailyafrica.com/corporate/companies/Cooperative-Bank-half-year-profit-drops-Covid-bad-debts/4003102-5608346-rpnht/index.html
