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    SCBK   KE0000000448

STANDARD CHARTERED BANK KENYA LIMITED

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StanChart Kenya restructures 6% of loan book due to coronavirus

05/06/2020 | 03:43am EDT
FILE PHOTO: A man walks past a logo of the Standard Chartered Kenya bank in their main office in Nairobi,

Standard Chartered Bank Kenya has adjusted the terms of more than 8 billion shillings ($75.4 million) of its loans to individuals and businesses - about 6% of the total - to help them weather the impact of COVID-19, it said on Wednesday.

Lenders in the East African nation have so far restructured 81.7 billion shillings in loans since the central bank allowed them to offer relief to distressed borrowers on March 18, the central bank said last week.

StanChart Kenya's Chief Executive Kariuki Ngari said some borrowers whose businesses or earnings have been hit by the pandemic were struggling with cash flows, creating the need for them to restructure their loan repayments.

Under a deal unveiled by lenders and the central bank, struggling individuals and firms can take a three-month repayment holiday, lengthen the tenure of their loans, or opt to just pay the interest for a period of time.

The relief also applies to credit card debt and mortgages, said StanChart Kenya, which is controlled by Standard Chartered Plc and is one of the top lenders in the country.

Nearly a third of the restructured loans for the entire banking industry belong to the tourism sector, which has ground to a halt in the wake of the pandemic, the central bank said.

Other sectors which have been affected include building and construction, trade, and manufacturing, as well as small and medium enterprises.

The central bank also gave lenders some flexibility in terms of classifying loans whose borrowers' ability to repay them on time has been hindered by the pandemic.

(Reporting by Duncan Miriri; Editing by Jan Harvey)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
NEXT PLC -1.39% 8080 Delayed Quote.15.64%
STANDARD CHARTERED BANK KENYA LIMITED -0.19% 129.75 End-of-day quote.-10.05%
STANDARD CHARTERED PLC -0.51% 432.9 Delayed Quote.-6.61%
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Financials
Sales 2020 23 091 M 209 M 209 M
Net income 2020 5 441 M 49,3 M 49,3 M
Net cash 2020 52 869 M 479 M 479 M
P/E ratio 2020 10,3x
Yield 2020 7,28%
Capitalization 56 292 M 509 M 510 M
EV / Sales 2019 1,50x
EV / Sales 2020 0,07x
Nbr of Employees 1 280
Free-Float 21,2%
Chart STANDARD CHARTERED BANK KENYA LIMITED
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Standard Chartered Bank Kenya Limited Technical Analysis Chart | SCBK | KE0000000448 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Last Close Price 129,75 KES
Average target price 167,10 KES
Spread / Average Target 28,8%
Managers and Directors
Kariuki Ngari CEO, MD & Non-Executive Director
Chemutai W. Murgor Chief Financial Officer & Executive Director
Kellen Kariuki Chairman
Jaine Mwai Chief Information Officer
Peter Gitau Chief Operating Officer