First Community Bank (FCB) has disclosed a shortfall of more than Sh1 billion in core capital, revealing the extent of the crisis that pushed its owners to sell a majority stake to a Mogadishu-based lender in a rescue deal.
The small lender’s latest books of account show that the core capital dropped from Sh1.65 billion in September to negative Sh331 million in December, sending it into a breach of the capital strength ratios required by the Central Bank of Kenya (CBK).
