By OTIATO GUGUYUMore by this AuthorCo-operative Bank of Kenya has announced flat profits for the three months to March as rising workers’ pay and costs linked to loan defaults ate into the lender’s earnings. The bank says net profit for quarter one stood at Sh3.58 billion against Sh3.59 billion in a similar period last year. Rising employee costs and provision for bad debts ate into the bank’s income from loans and fees such as ATM transactions. The bank has restructured loans worth Sh15 billion for struggling borrowers. The Co-operative Bank had offered to fully acquire Jamii Bora Bank in the latest instance of consolidation in the banking industry.

Source: Daily Nation May 22, 2020 04:30 UTC