Kenya’s top eight banks cut their provisions against loan defaults by nearly half last year, helping drive the combined net profit by 80.29 percent to Sh132.41 billion.
KCB #ticker:KCB , Equity #ticker:EQTY , Co-op Bank #ticker:COOP , Absa Bank Kenya #ticker:ABSA , NCBA #ticker:NCBA , Standard Chartered Bank Kenya #ticker:SCBK , DTB #ticker:DTK and Stanbic Holdings #ticker:SBIC cumulatively slashed provisions to Sh55.93 billion in the review period, from Sh106.94 billion in 2020 — reflecting a drop of 47.69 percent or Sh51 billion.
