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Browsing: East African Banks
Banks in East Africa are empathizing with the loss of livelihood and businesses of their clients by easing off on loan payment demands as the covid-19 pandemic continues to disrupt economies.
In 2020, top East African banks increased provisions for bad debts by over $736 million so as to reduce exposure on businesses and household loans in countries that are most affected by the pandemic.
According to a review of the banks audited financial statements, in 2019 the top eight Kenyan banks by market share tripled their loan loss provisions to $960 million from $263.11 million.
In order to take care of $1.56 billion worth of loans that had been restructured to bail out clients who were most affected by the pandemic, equity bank increased its loan loss provision by $198.6 million making it the greatest hit on its net earnings that the bank has ever experienced. This led the …