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Wednesday, July 01, 2020

Equity Restructured Loans Worth Over ksh 100 billion

    July 01, 2020   No comments

Equity Bank Group CEO Dr James Mwangi

During the virtual Annual General Meeting held Tuesday, Equity Bank Group CEO Dr James Mwanhi revealed that the lender has so far restructured loans worth over ksh 100 billion.

This was a move to cushion customers mostly seeking relief as a result of job losses and being sent for unpaid leaves. The other customers asking for loan repayment relief were the small businesses.

Up to date the bank has restructured close to 30 per cent of its loan book which stood at ksh 379 billion as of March 2020.

“So far we have accommodated customers who required relief by restructuring payments up to 30 percent of the entire loan book,” said Mr Mwangi.
“We needed to protect our customers so that their business and any income-generating activities can survive and recover after Covid-19.”
Banks and other lenders have been offering relief to borrowers to cushion them against the negative impact caused by the ongoing Coronavirus pandemic. 
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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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