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Real estate slowdown leaves banks with rising pile of bad loans
A housing estate: The real estate sector recorded the highest increase in NPLs over the quarter by Sh5.9 billion or 42.3 per cent. PHOTO | FILE
Kenyan banks reported a steady rise in the pile of bad debts in the first three months of the year saddled by a slowdown in the real estate sector and increased retrenchment of formal sector workers, according to newly-released official data.
Gross non-performing loans (NPLs) rose 15.8 per cent to Sh170.6 billion in March compared to Sh147.3 billion in December, the Central Bank of Kenya (CBK) says in its first quarter industry report.
