May 13, 2020 / 5:26 AM / 19 days ago

Kenya's KCB Group restructures 15% of loan book due to coronavirus -Business Daily

NAIROBI, May 13 (Reuters) - Kenya’s biggest lender, KCB Group, has changed the terms on 80 billion shillings ($750 million) in loans, about 15% of its book, due to customers facing coronavirus-related hardships, its chief executive told the Business Daily newspaper.

The bulk of the restructured loans involve placing a moratorium on both interest and principal payments, the group’s chief executive, Joshua Oigara, told the paper.

The impact will be felt on earnings from the first quarter through increased provisions for bad debts, he said.

$1 = 106.4500 Kenyan shillings Reporting by Duncan Miriri; Editing by Tom Hogue

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