Standard Chartered Bank Kenya #ticker:SCBK has issued a profit warning for the full year ending December 2017, citing the effects a cap on interest rates imposed a year ago and unpaid loans in a sluggish economy.
“SCBKL projects that net earnings for the year ending December will be potentially 25 per cent lower than that reported for the year that ended December 2016, primarily due to two factors,” StanChart chief executive Lamin Manjang said in a statement as he blamed bad debts and a legal cap on loan rates.
