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Banks step up recovery efforts as bad loans grow by Sh7bn in April
The rise in defaults follows five years of falling real wages, as pay hikes lag behind inflation, shrinking purchasing power and forcing Kenyans to cut spending.
The volume of non-performing loans (NPS) held by commercial banks rose by Sh7.2 billion in April even as banks took aggressive recovery measures, pointing to persistent tough economic times in the country.
The Central Bank of Kenya monthly report shows bad loans grew to a record Sh724.2 billion in April from Sh717 billion a month earlier.
