This archive report was first published on 5 June 2020.
As the country grapples with the economic impact of the Covid-19 pandemic, Kenya Commercial Bank (KCB) has revealed that its loan restructuring efforts have exceeded Sh120 billion.
According to KCB's CEO Joshua Oigara, the bank has restructured more than Sh120 billion of loans across its region, with the amount jumping 50 percent from Sh80 billion recorded in the first week of May.
The loan restructuring is aimed at helping customers whose income has been impacted by the pandemic, including small and medium-sized enterprises (SMEs), large firms, and home buyers.
At Sh120 billion, the restructured loans are equivalent to 21.6 percent of the bank's Sh553 billion loan book as of the first quarter ended March.
At KCB's virtual annual general meeting held on June 4, 19,136 shareholders controlling 43.2 percent of outstanding shares participated and were asked to vote on several items, including the proposed final dividend of Sh2.5 per share.
The results of the vote will be out within 48 hours, with the resolutions expected to get the support of the biggest shareholders, including the National Treasury and the National Social Security Fund (NSSF).
