Business Daily | by Charles Mwaniki
Kenyan banks took a Sh46 billion hit on their profits last year, hurt by a sharp rise in bad loans and costs in an economy that was battered by Covid-19 pandemic-related woes.
The pre-tax profit for the 39 lenders fell by a third to an eight-year low of Sh112.8 billion in 2020, the Central Bank of Kenya’s credit survey report for the fourth quarter of 2020 shows. This marked a significant slump from the record Sh159.1 billion profit the lenders posted in 2019…
