This archive report was first published on 29 July 2019.
On July 29, 2019, Auditor General Edward Ouko shed light on the financial struggles of Development Bank of Kenya, revealing a net current liability of Sh6.9 billion.
According to Ouko's report, the bank's current assets were outweighed by its current liabilities, a situation that has left the institution broke.
Despite registering an increase in profitability, with a Sh137.5 million gain in 2018 compared to Sh27.6 million in 2017, the bank's financial woes persist.
Customer savings decreased to Sh5.7 billion in 2018, down from Sh6.2 billion in 2017, further exacerbating the bank's financial struggles.
The Central Bank of Kenya has advanced the lender Sh4.4 billion to meet its obligations, a move that is guaranteed by the bank's investments in government securities maturing after one year.
