Borrowers have defaulted a record 90.65 percent of Spire Bank loan book, casting doubt on the survival of the loss-making lender that is also in breach of all regulatory ratios.
The lender, which is owned by businessman Naushad Merali and Mwalimu National Sacco, discloses in latest financial results that gross non-performing loans (NPLS) hit Sh2.69 billion last June against the Sh2.96 billion that has been lent out.
