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Revealed: Sh21bn CBK bailout for Jamii Bora Bank
Summary
Co-operative Bank of Kenya now the parent company of Kingdom Bank (formerly Jamii Bora) revealed the CBK loan facility that saved the small lender from an imminent collapse.
The CBK in April 2016 announced the roll-out of a special facility to commercial and microfinance banks facing liquidity challenges not triggered by acts of mismanagement.
The CBK never disclosed the terms of this window. It is also not clear if the lending to Kingdom Bank fell under this category.
Thursday June 03 2021
By PATRICK ALUSHULA
Summary
Co-operative Bank of Kenya now the parent company of Kingdom Bank (formerly Jamii Bora) revealed the CBK loan facility that saved the small lender from an imminent collapse.
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.