Equity Recovers 90pc of Covid Restructured Loans.

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In order to demonstrate the sustained recovery of the economy despite additional shocks from high inflation, Equity Bank’s debtors who received loan repayment moratoria totaling Sh171 billion during the Covid-19 outbreak have fully repaid or started servicing 90% of the facilities.

By the end of September, the institution reported that restructured loans totaling Sh49. 4 billion had been entirely returned, while borrowers were still paying back liabilities totaling Sh104.9 billion.

However, a portion of the Sh9. 5 billion worth of loans from this portfolio of restructured facilities are non-performing, and the lender anticipates that the remaining Sh7. 7 billion worth of loans would start to be repaid by the end of the next month.

Every month, Kemsa spends Sh45 million on sending employees home. The epidemic has impacted important industries including tourism, hospitality, and construction education, trade and transportation, causing the loss of hundreds of thousands of jobs and the closure of businesses. As a result, the country’s economy dipped by 0. 3 percent in 2020, compared to 5.0 percent growth in 2019.

BDA

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