KCB Profits Plunged 40 Percent Down on Loan Defaults

KCB Group CEO Joshua Oigara
KCB Group CEO &MD, Joshua Oigara 

KCB Group reported a 40 per cent decrease in profits at ksh 7.6 billion after tax in the first half of the year 2020.

KCB MD , Joshua Oigara said the fall in profits was as a result of mainly defaults and loan restructuring as COVID-19 bites.

The bank restructured loans worth ksh 115.1 billion, the largest in the country to cushion customers against the COVID-19 pandemic effects.

Oigara added that, though the bank saw a decline in profits for the first half of 2020, there's nothing to regret about. It was the way to go ,helping Kenyans through the pandemic.

The bank reported that most of the customers affected and couldn't repay nor asked for loan restructuring came from the worst hit economic sectors including transport, health, trade and manufacturing.

The MD however, like any other person in the world ,hopes for a better future when the virus will be gone.

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