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Banks' loans dip by 1.5m on high rates
Borrowers had, in the environment of rising cost of credit, raised the stock of loan defaults to Sh651.81 billion or 15.6 percent of the sector’s Sh4.183 trillion loan book at the end of December 2023.
The number of bank loan accounts dropped by 1.52 million in the year ended December 2023, marking the first dip in five years as individuals and households shunned fresh loans amid a rise in interest rates.
Latest Central Bank of Kenya (CBK) data shows the accounts dropped to 12.92 million at the end of last year from the sector’s peak of 14.44 million that had been recorded in the previous year.
