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Absa Kenya Restructures 4.25pc Loans as Relief to Clients Affected by COVID-19 

Absa Kenya Restructures Loans Worth Ksh 8.3bn

Absa Kenya says it has restructured customer loans amounting to over  Ksh 8.3 billion to help cushion support customers and businesses from the economic effects of the coronavirus.

“We are working with our customers to help them get through these extraordinary times,” said Jeremy Awori, chief executive said on Monday.

Under this programme, the bank is offering all customers an initial loan repayment relief of up to three (3) months for Personal Loans, Mortgages, Asset Finance, Credit Cards as well as Business Loans. 

Customers can request an extension of the repayment relief period to a maximum of 12 months which will be assessed on a case by case basis. 

Further, customers can extend their credit life insurance cover for three months at no additional cost.

The lender reported a normalised profit after tax of Kshs8.5 billion for the period ended 31 December 2019. Net customer loans were up 10% to close at Kshs195 billion driven by key focus products namely; general lending, asset finance, mortgage and scheme loans that recorded strong growth year on year.

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