The amount, an equivalent of 20 percent of its loan book, is a rise from the Sh35 billion that the lender had restructured at the end of March.
The lender said in response to shareholder questions that it continues to restructure loans on a case by case basis in order to support individuals and business enterprises that have been hit by the pandemic.
NCBA says 33 percent or Sh15.6 billion of the restructured loans are from SME and business banking segments, showing the impact the Covid-19 containment measures such as curfews have had on businesses.
NCBA Group #ticker:NCBA value of restructured loans has risen by 34 percent to hit Sh47.3 billion in mid-July, showing the rising number of borrowers struggling to meet repayments as Covid-19 pandemic persists.
The amount, an equivalent of 20 percent of its loan book, is a rise from the Sh35 billion that the lender had restructured at the end of March.
The lender said in response to shareholder questions that it continues to restructure loans on a case by case basis in order to support individuals and business enterprises that have been hit by the pandemic.
NCBA says 33 percent or Sh15.6 billion of the restructured loans are from SME and business banking segments, showing the impact the Covid-19 containment measures such as curfews have had on businesses.
Another 20 percent of the restructured loans are from the corporate and commercial banking segment while a further 13 percent is for personal loans.
“Practically all sectors of the economy, and therefore all lending products, have had varying levels of impact due to the subdued economic activity occasioned by the effects of the Covid-19 pandemic,” says NCBA.
“We will continue supporting our customers through this difficult period as they put in place the required recovery measures.”
The bank announced loan repayment breaks of up to three months on all loans as customers hit by cash flow hitches seek flexible terms.
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