Coop Bank Battles Profit Slump as Digital Vision Encounters Economic Headwinds

Management attributed the decline to sluggish income growth that failed to keep up with overall expenses, though total revenue still reached 19.03 billion Br, a 7.5pc rise over the previous period. Interest income climbed by 15pc to 14.6 billion Br, but revenue from Murabaha financing slid by 17.9pc to 1.24 billion Br, signs of tougher competition in Sharia-compliant banking. Fees and commissions fell by 8.2pc to 1.78 billion Br, while foreign exchange gains dropped by 21.2pc to 1.49 billion Br. (258.35 million dollars), revealing broad strains on export receipts and remittances that have strained every bank’s foreign currency business.