Co-operative Bank of Kenya has overtaken KCB Group to become the second most valuable lender on the Nairobi Securities Exchange as the latter’s share price continued to fall.
Co-op Bank’s stock was unchanged yesterday at Sh11.85, giving it a market capitalisation of Sh69.5 billion.
This saw the lender overtake KCB for the first time, opening a gap of Sh2.3 billion.
KCB’s share price fell 4.78 percent on Thursday to close at a new 52-week low of Sh20.9, assigning it a market value of Sh67.1 billion.
The bank’s share price fall gained pace in recent weeks after it reported lower earnings and a surge in provisions for loan defaults in the half year ended June.