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Co-op Bank loses 3rd position of most profitable bank after posting low profits

18, Mar 2015

The co-operative bank has lost its place as the country’s third most profitable bank, after posting a 12% reduction in its full year profits to 8 billion shillings, compared to 9.1 billion shillings in 2013. The bank attributed the reduction to the one off retrenchment cost of 1.34 billion shillings incurred last year when the firm laid off more than 160 senior managers.

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