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Browsing: The Kenyan banking industry
- Kenyan Banks Hit by fresh $1.2 Billion Bad Loans in 2023 according to a new report by the Central Bank of Kenya
- The regulator says it is concerned by the sharp rise in bad loans and is working closely with lenders to mitigate the crisis.
- Kenyan banks hit by fresh $1.2 billion bad loans as global interest rates remained high throughout the year.
The high cost of living due to weak currency and shakeups in the global supply chain saw banks suffer an additional $1.2 billion (Sh150 billion) in bad loans in 2023, pushing the total to $4.98 billion (Sh651.8 billion).
The Banking Supervision Report by the Central Bank released Thursday shows the deterioration in banks’ asset quality was the highest in the past five years and almost 30 per cent compared to the previous year. The gross non-performing loans for 2022 were $3.85billion (Sh503.2 billion).
Non-performing loans were concentrated …