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Co-operative Bank defies virus to post Sh3.46b profit

Coop Bank’s CEO Gideon Muriuki.

The Co-operative Bank of Kenya (Coop Bank) has posted a reduced profit of Sh3.46 billion in the first quarter of this year owing to the negative effects of the Covid-19 pandemic.

This represents a drop of 3.6 per cent compared to a profit after tax of Sh3.59 billion that the lender made in the first three months of 2020. The lender put aside a big chunk of its revenue as insurance against possible defaults.

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