Co-operative Bank Q1 net profit falls 3.6pc to Sh3.46bn

Co-operative Bank Q1 net profit falls 3.6pc to Sh3.46bn
Wednesday May 19 2021
By PATRICK ALUSHULA
Co-operative Bank of Kenya #ticker:COOP net profit retreated to Sh3.46 billion in the first quarter of trading despite growth in interest income as the lender increased provisioning for loan defaults in a pandemic environment.
The net earnings for the three months to March 2021 were 3.6 per cent lower than the Sh3.59 billion posted in a similar period last year.
Net interest income—which is income from the mainstay business of lending—grew by 31 per cent to Sh9.8 billion as the bank expanded its loan book.

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