Kenya’s tier-one banks increased their provisioning for bad loans by Sh50 billion in the nine months to September 2020, reflecting the rise in non-performing loans in key sectors due to the Covid-19 pandemic.
The large banks, which control 73 per cent of the sector’s total loans, set aside Sh68.3 billion to cater for expected defaults in the period from 18 billion in the same period last year, reflecting a 276 per cent rise in one year.
