Bogged by bad debts Bank of Africa Kenya sinks into loss territory

Bank of Africa Kenya has sunk into losses for the first time in a decade, taking a hit from a mounting stock of bad debts linked to a Moi-era contractor and Mumias Sugar among other borrowers.

The mid-sized lender — controlled by BMCE Bank of Morocco — made a net loss of Sh1.02 billion in the full-year ended December compared to a net profit of Sh144 million a year earlier.