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Loss owed to non-performing loans by big borrowers

Standard Chartered bank has posted a 39pc profit drop to Sh4.7b (PHOTO:Courtesy)

Defaults by big borrowers have plunged Standard Chartered Bank into a 39 per cent loss for the nine months to September this year.

Chief Executive Lamin Manjang said yesterday a downgrade on a ‘limited number’ of loan accounts coupled with the effect of lending rate caps contributed to the slowdown in earnings.

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