Kenya’s top nine listed banks slashed their provisions for loan defaults by a third in six months to June, defying Covid-19 hardships to raise their combined net earnings 72.5 percent to Sh66.5 billion.
KCB #ticker:KCB, Equity #ticker:EQTY, Co-op Bank #ticker:COOP, I&M #ticker:I&M, Absa Bank Kenya #ticker:ABSA, NCBA #ticker:NCBA, Standard Chartered Bank Kenya #ticker:SCBK, DTB #ticker:DTK, and Stanbic Holdings #ticker:SBIC cumulatively cut the provisions from Sh40.13 billion booked in June last year to Sh26.68 billion—representing Sh13.45 billion or a 33.5 percent cut.
