Co-op Bank posts Ksh10.5 billion profit before tax in Q2 2021
Co-operative Bank of Kenya has posted ksh10.5 billion profit before tax for the second quarter of 2021.
This is 10 per cent growth compared to ksh9.6 billion recorded in the second quarter of 2020.
"This represents a strong profit after tax of ksh7.4 billion compared to ksh 7.2 billion reported in second quarter of 2020," Co-op Bank said in a statement.
Total assets for the bank grew by ksh59.1 billion) (+12%) to ksh 573 billion compared to ksh513.9 billion in the same period last year.
While net loans and advances book grew by ksh29 billion (+11%) from ksh272.2 billion to ksh301.2 billion.
"The group prudentially increased loan loss provisions to Ksh4.2 billion in the second quarter of year 2021, in appreciation of the challenges that businesses and households continue to face due to the economic effects of the ongoing pandemic," the lender said.
The bank restructured Ksh49 billion in loans during the CBK restructure window that ended on 31st March 2021 to support customers impacted by the pandemic.
"The restructured facilities are largely performing as per the realigned agreements. Our customers continue to show resilience therefore improving their repayment as the economy picks up in various sectors," the bank said.
