Co-op Bank reports Sh7.2 billion net profit in first half of 2020

Co-operative Bank CEO Gideon Muriuki. [File, Standard]

Co-operative Bank has reported a 3.6 per cent drop in profit after tax for the first half of 2020. The lender posted Sh7.2 billion in profit as increased loan loss provisions ate into operating income, pointing to tough times occasioned by the global outbreak of Covid-19.

In the first six months of 2019, the lender had made a net profit of Sh7.5 billion.