Dismal: Newbie lenders struggle as loss streak continues

A Dubai Islamic Bank branch in Nairobi. The bank’s operational expenses rose from Sh568 million last year to Sh745.8 million in the nine months to September this year. [Elvis Ogina, Standard]

New entrants into the banking sector are struggling to get a footing in the Kenyan market as they continue with their loss-making streak.

Dubai Islamic Bank is one such lender, announcing a Sh665.8 million net loss for the nine months to September this year to push it further into the red from a Sh561 million loss it made in a similar period last year.