KCB Loan Restructure: The amount of loans that Kenya Commercial Bank has restructured now stands at over Sh. 120 billion. This has been revealed by the bank’s chief executive officer Joshua Oigara.
He made the revelation during a virtual annual general meeting that was held last week. “We have restructured more than Sh. 120 billion of loans so far across our region,” Mr. Oigara said. He listed the beneficiaries as including SMEs, large firms and home buyers. These restructured loans are equivalent to 21.6 percent of the bank’s Sh. 553 billion loan book as of the first quarter ended March.
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This was an increase of Sh. 5 billion on the amount the bank had restructured by May 21. By then, the bank had approved the restructuring of Sh. 91.3 billion worth of corporate loans and an additional Sh. 20.4 billion in loans to mortgage customers. A further Sh. 3.4 billion for retail customers had also been approved.
“We made a promise after the pandemic that we would walk the difficult journey ahead hand in hand with our customers. We are therefore offering relief to our customers, upon application so that they are able to weather this storm that was unforeseen the world over. We believe this will not only cushion businesses but create a multiplier effect that will ultimately help to save jobs,” said Oigara.
“We know that the pandemic has affected everyone and we are offering extended financial assistance to provide additional relief to our customers to meet their needs and ambitions. We believe this will go a long way in helping them navigate through their most urgent and challenging situations.”
For personal check-off loans and scheme loans, upon request by the individual borrower and the employer (corporate) respectively, the customers can enjoy an extended moratorium benefit for a period by 3 months.
Residential and commercial mortgages customers are getting a moratorium on the principal or both principal and interest for 3-6 months with interest being capitalized monthly as it falls due. However, the Bank could still extend the moratorium for a maximum of 12 months, depending on the severity of the COVID-19 effects on the customer’s business. KCB Loan Restructure.
