Co-operative Bank Group's net profit declines by 24 per cent to Sh10.9 billion

Co-operative Bank Group CEO Gideon Muriuki (PHOTO: FILE)

NAIROBI, KENYA: Co-op Bank Group’s profit after tax for the financial year 2020 has declined by 24 per cent on account of increased Covid19-related loan loss provisions and the absorption of currency translation losses in South Sudan operation.

The bank on Thursday reported a profit before tax of Sh14.3 billion for the financial year 2020 compared to Sh20.7 billion recorded in 2019, and a Profit after tax of Sh10.9 billion compared to Sh14.3 billion in 2019.