Rate cap slows Co-operative Bank profit to Sh9.5b

Co-operative Bank Managing Director and Chief Executive Gideon Muriuki. (Photo: Courtesy)

Co-operative Bank has posted a 9.5 per cent drop in net profit to Sh9.5 billion in the first nine months of the year on account of reduced interest income.

The drop from the Sh10.5 billion recorded in a similar period last year makes the lender, which is the third largest by asset base in the country, the second tier I bank to record a dip in net profit after Equity Bank.