Banks struggle to shake off Covid-19 effects as profit dips

Central Bank of Kenya Governor Patrick Njoroge. [David Gichuru, Standard]

Banks started the year on a low note after their profitability declined by close to two-fifths in the first two months. 

Data from the Central Bank of Kenya (CBK) shows that banks’ profit before tax reduced to Sh15.3 billion by end of February compared to gross profit of Sh24.7 billion that the lenders made in the same month in 2020.