The Cooperative Bank of Kenya has reported a Kes. 9.8 billion in net profit during the first nine months of this year, representing a 10 percent reduction in earnings which the lender attributes to increased COVID-19 related loan loss provisions.
Cooperative Bank booked a 95 percent increase in loan loss provision from Kes. 2.1 billion in 2019 to Kes. 4 billion pushing the lenders total operating costs to Kes.32.4 billion from Kes.28.7 billion.
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