This archive report was first published on 8 June 2020.
Kenya Commercial Bank has made significant strides in loan restructuring, with the total amount now standing at over Sh. 120 billion, as revealed by the bank's CEO Joshua Oigara during a virtual annual general meeting last week.
According to Oigara, the restructured loans are equivalent to 21.6 percent of the bank's Sh. 553 billion loan book as of the first quarter ended March.
Notably, the bank has approved the restructuring of Sh. 91.3 billion worth of corporate loans, an additional Sh. 20.4 billion in loans to mortgage customers, and Sh. 3.4 billion for retail customers.
As part of the relief measures, KCB is offering extended financial assistance to its customers, including a moratorium on principal or both principal and interest for 3-6 months, with interest being capitalized monthly as it falls due.
Additionally, the bank can extend the moratorium for a maximum of 12 months, depending on the severity of the COVID-19 effects on the customer's business.
