This archive report was first published on 21 May 2020.
Published on May 21, 2020, Co-operative Bank Group has posted a KSh 3.59 billion net profit in the first three months of 2020.
The bank's financial results reflect the strain commercial banks are undergoing as customers struggle to meet their loan repayment obligations due to the COVID-19 pandemic.
Net loans and advances to customers rose to KSh 276.2 billion from KSh 251.6 billion during the period under review.
The Group's gross profit increased from KSh 5 billion to KSh 5.2 billion, while provisions for non-performing loans rose from KSh 501.5 million in Q1 2019 to KSh 900 million in Q1 2020.
Its Balance Sheet increased to KSh 470.4 billion in the first quarter of this year compared to KSh 425.7 billion in Q1, 2019, a growth of 10.5%.
The size of Co-operative Bank Non-performing loans increased significantly from KSh 29.7 billion to KSh 31.8 billion in the period under review.
