Absa Bank Kenya’s #ticker:ABSA net tax profits plummeted 65 percent in the nine months to September due to loan default losses in the wake of Covid-19 economic hardships and expected strained business conditions for the rest of the year.
The bank’s profits declined to Sh1.9 billion in the nine months from Sh5.5 billion in a similar period last year after the lender restructured a third of its loans and more than doubled provisions related to defaults.
