Co-op Bank records Q3 profit after tax of Ksh. 9.8 Billion
Автор: Citizen TV Kenya
Загружено: 2020-11-19
Просмотров: 376
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Co-operative Bank has announced an after tax profit of nine point eight billion shillings in the third quarter of this year.
The results represent an eleven percent drop when compared to ten point nine billion shillings posted during a similar period last year. In a statement Cooperative Bank Chief Executive Officer Gideon Muriuki attributes the reduction to increased COVID-19 related loan loss provisions and lower non-interest income. Loan loss provisions grew ninety percent from two point one billion shillings in 2019 to four billion shillings this year. Net interest income dropped four percent to thirteen point six billion shillings. Total assets however grew sixteen percent to hit five hundred and eleven billion shillings, as net loans and advances rose six percent to hit two hundred and eighty four billion shillings. Coop Bank’s recent acquisition of Kingdom Bank will enable it deepen its product offering to customers and provide more specialised credit offerings.
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