[Wilberforce Okwiri, Standard]Co-operative Bank of Kenya projects its profit to drop significantly this year due to the coronavirus pandemic but expects the reduction to be lower than the rest of the industry. Profits for last year are expected to decline compared to 2019 due to increased provisioning of loans for borrowers adversely affected by the Covid-19 pandemic. The bank restructured loans valued at Sh46 billion by the end of the third quarter to help customers negatively impacted by the pandemic. Read MoreAs a result, Co-op Bank made a net profit of Sh9.8 billion for the period compared to Sh10.9 billion in 2019, a largely blissful period for the banking sector before the pandemic depressed the economy. He added that the bank also boasted of a thriving universal banking model serving over 8.8 million account holders across all sectors.

Source: Standard Digital January 09, 2021 14:26 UTC