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. Co-operative Bank is majority-owned by Saccos. The growth in assets was partly due to the acquisition of Jamii Bora Bank, now Kingdom Bank. Investment in government securities grew by 43 per cent to Sh166.2 billion compared to Sh115.9 billion in 2020. The chief executive said Sh49 billion worth of loans has been restructured to support customers impacted by the pandemic.

Source: Standard Digital May 20, 2021 05:03 UTC