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Banks’ eight-month profit up 12pc to Sh181bn amid defaults
The continued rise in banks profitability has been delivered against the backdrop of a faster drop in total operating expenses as the lenders’ incomes grow at a slower pace.
Commercial banks have posted an 11.58 percent rise in pre-tax profits to Sh181.1 billion in the first eight months of the year, defying an environment of rising loan defaults and reduced appetite for borrowing.
Central Bank of Kenya (CBK) data shows that January to August earnings grew from Sh162.3 billion posted in the same period last year.
