Co-operative Bank of Kenya says it has added Sh24.5 billion in its loan book to stand at Sh276.2 billion representing a 9.8 percent growth.
The bank announced this on Thursday after recording Ksh 3.6 billion net profit in the first quarter ending March 31, 2020.
The bank has also restructured loans totalling Sh15.3 billion representing 5.5 per cent of its total loan book due to coronavirus pandemic.
Group Chief Executive Officer Gideon Muriuki attributes the growth to a rise in non-interest income which surged 19 per cent to stand at Sh5 billion as well as increased transactions on alternative channels.
The economic fallout brought about by the coronavirus pandemic continues to unfold as the majority of sectors initiate measures to adjust to the situation.
In the banking sector, most banks are now grappling with managing their loan book embarking on restructuring the has now surpassed Ksh 150 billion since March.
According to Co-operative Bank loan, negotiations included customers requiring an interest moratorium period, customers requiring a better structure/longer repayment period and customers requiring additional funding to manage the crisis.
In the first quarter of the year, the bank added Ksh 24.5 billion in its loan book to stand at Ksh 276.2 billion representing a 9.8% growth.
This was mainly driven by mobile loans through its M-Coop Cash which advanced loans totalling Ksh 16 billion during the period.
