Banks are in a solid position to support businesses wade through the Covid-19 impact without risking a financial crisis, KBA chief executive Habil Olaka has said. Lenders however anticipate a decline in the banking business this year as the coronavirus continues to affect economic activity across all sectors. A Kenya Bankers Association (KBA) survey shows about 94 per cent of banks expect a significantly slowed economic growth, which will in turn negatively affect customers both at household and commercial levels. Data released by the Central Bank of Kenya last week revealed that last month, the country's seven largest banks restructured loans amounting to Sh176 billion. At least 1.2 per cent of the restructured loans accounted for personal or household loan accounts whose gross loans were valued at Sh811.90 billion as at March 2020.

Source: The Star May 13, 2020 00:56 UTC