Co-opbank Profits fall 3.6 Percent to ksh 7.2 billion

Co-opbank MD,Gideon Muriuki 

Cooperative Bank of Kenya (Co-opbank) on Thursday announced a 3.6 percent drop in profits from ksh 7.5 billion to ksh 7.2 billion in the second quarter of 2020 compared to same period last year.

Co-opbank MD, Gideon Muriuki during the results announcement confirmed that most clients including businesses and individuals have been showing signs of being affected by the COVID-19 pandemic negatively.

‘’We are actively engaging our customers to support them through this period by re-aligning servicing of facilities, funding and transactional needs as the situation unfold,’’ Muriuki said.

In this regard the bank had to restructure loans worth ksh 39.2 billion in order to support customers during this hard times.

The bank however looks like the least affected with the smallest profit drop compared to the lenders who have already released their results.

Despite the uncertainties in the market, Cooperative Bank have continued to provide loans to its customers.

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