Kenya's KCB Bank Sees a Quarter of Loans Hit by Coronavirus

Kenya’s biggest bank by assets, KCB Group, has restructured more than 110 billion shillings ($1 billion) of its loans to customers and up to a quarter of its book could be affected by mid-June, its chief executive told Reuters, Reuters reported. The central bank allowed lenders in the East African nation to offer relief to distressed customers in mid-March after the first COVID-19 case was reported. Total restructured loans for the industry stood at 273 billion shillings, 9.6% of the total, at the end of April, the central bank said in a presentation sent to the media on Thursday. Equity Group, the second largest lender in Kenya, has changed the terms on loans worth 92 billion shillings ($862 million), or 25% of its portfolio, due to coronavirus-related hardships affecting customers, it said separately on Thursday. Read more

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