End of five-year tax holiday eats into Co-op Bank of Kenya profits

The Bank has posted a Shs 6.8 billion profit for half-year 2014, and launched a mobile wallet dubbed M-Co-opcash to up its game in the mobile payments area and better serve its 4.6 million customers and the over 10 million members of the co-operative movement.

 

NAIROBI: Co-operative Bank has reported a 12 per cent drop in net profit for the financial year ended December 31, 2014 after the lender moved to a higher tax bracket following the expiry of a five-year 'taxation holiday'. This overshadowed a strong loans growth.