PHOTO: COURTESYA regulatory directive to classify loans correctly forced banks to set aside money for Non-Performing Loans (NPL), resulting in lower profits in the third quarter. In September, NIC was given a negative outlook by South African credit rating agency, Global Credit Rating for its surge in bad loans. Bad loans stood at Sh6.9 billion a year ago. Housing Finance Group's net profit grew 7.8 per cent to Sh837.7 million in the first nine months to September this year. Kenyan banks' non-performing loans rose to eight per cent of the total in March from 5.7 per cent in the same period last year.

Source: Standard Digital November 23, 2016 17:27 UTC