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BUSINESS Coop Bank’s CEO Gideon Muriuki. The Co-operative Bank of Kenya (Coop Bank) has posted a reduced profit of Sh3.46 billion in the first quarter of this year owing to the negative effects of the Covid-19 pandemic. This represents a drop of 3.6 per cent compared to a profit after tax of Sh3.59 billion that the lender made in the first three months of 2020. The lender put aside a big chunk of its revenue as insurance against possible defaults. “The group prudentially increased loan-loss provisions to Sh2.3 billion in the first quarter of 2021 in appreciation of the challenges that businesses and households continue to face due to the economic effects of the pandemic,” said Co-operative Bank Chief Executive Officer Gideon Muriuki.

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