Interview: ABSA Kenya maneuvers through COVID-19 pandemic

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Published on 29 May 2020, 15:15
As the COVID-19 pandemic continues to inflict damage in East Africa's largest economy, ABSA's Kenyan subsidiary has restructured roughly 15% of its near $2B loan book. That amounts to roughly 30 billion shillings, or about $283 Million worth of loans, whose terms have been extended as cash flow among individuals and enterprises declines, or disappears entirely. The bank reported a 12% year on year rise in its loan portfolio for the first quarter of 2020. Interest income from that, was relatively flat, at just under $52M. Net earnings for the quarter rose by 1.8%, to $17.3M. The Bank held over $770M of government debt on its books at the end of the quarter. For more on this, Ramah Nyang' spoke to Absa Kenya's Managing Director, Jeremy Awori.

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