Banks posted a 4.9 percent decline in pre-tax profit generated from the Kenyan market in the nine months ended September as loan defaults soared to levels last seen 16 years ago.
Latest data from the Central Bank of Kenya (CBK) shows the sector's pre-tax profit in the period dropped to Sh177.8 billion from Sh187 billion a year earlier, marking a rare occurrence for the industry that has generally been enjoying growth in profits.
