Business Daily | by Constant Munda
Commercial banks’ pre-tax profit fell Sh41.8 billion in the first 10 months of the year largely on the back of increased provisions in the face of rising loan defaults emanating from coronavirus-induced economic hardships.
Fresh Central Bank of Kenya (CBK) data shows the lenders made Sh98.9 billion profit before taxation in the January-October period, a 29.71 percent drop compared with Sh140.7 billion in a similar period in 2019.
The drop in profitability thins the chances of dividend payouts for shareholders next year…
