Banks are weighed down by the Covid-19 pandemic, the spillover effects of rate caps, stringent loan loss provisioning and challenging economic conditions. PHOTO | FILE | NMG
Kenyan banks are figuring out how to recover as they face lower end-of-year bonuses and reduced dividends for shareholders.
The banks are weighed down by the Covid-19 pandemic, the spillover effects of rate caps, stringent loan loss provisioning, demands of the international financial reporting standard (IFRS 9), and challenging economic conditions that have seen the government downgrade the growth prospects of this year to a record low of 0.6 percent, from 2.6 percent.
