The volume of bad loans in Kenya exceeded 10 per cent of total loans issued by banks for the first time in 10 years, underlining the harsh economic environment that has engulfed the country, leaving households and businesses unable to meet their debt obligations.
Central Bank of Kenya reported the non-performing loans (NPLs) stood at 10.7 per cent of the industry loan book, which is at Ksh2.4 trillion ($240 billion), with the Governor Dr Patrick Njoroge citing default from large companies as a key contributor.
