Co-op Bank profit cut by loans cover

Co-op Bank Group MD and CEO Gideon Muriuki during the virtual Bank AGM October 22, 2020.

Co-operative Bank of Kenya’s net profits in the first nine months of 2020 have dropped by 10 per cent due to the adverse effects of Covid-19.

The lender made a profit after tax of Sh9.8 billion compared to Sh10.9 billion at the same time last year, a blissful period for the banking sector before the pandemic depressed the economy.