{"id":13715,"date":"2020-09-01T18:11:07","date_gmt":"2020-09-01T18:11:07","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=13715"},"modified":"2020-09-01T18:11:07","modified_gmt":"2020-09-01T18:11:07","slug":"cbk-to-rule-on-dividend-issuance-by-lenders","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/cbk-to-rule-on-dividend-issuance-by-lenders","title":{"rendered":"CBK to rule on dividend issuance by lenders"},"content":{"rendered":"

Author:\u00a0Reuters<\/strong>
\nAfricaPress-Kenya:<\/strong> The Central Bank of Kenya (CBK) will have to approve any plans by commercial lenders to issue dividends for this year, it said in a memo to bank executives yesterday, an unusual move caused by Covid-19 crisis.<\/p>\n

Lenders have seen their earnings plunge in the first half of this year, hit by higher provisions for bad loans, on the back of the Covid-19 pandemic.\u00a0They have also had to restructure more than a quarter of total customer\u00a0loans, to provide relief to individuals and firms hit by the disruptions.<\/p>\n

All lenders are required to resubmit their internal capital adequacy assessments by the end of\u00a0October, the\u00a0 banking sector regulator\u00a0said in the memo, reflecting the impact of the pandemic.<\/p>\n

They will also be expected to discuss their plans with the regulator, before making decisions on distribution of profits to their shareholders, the memo said.\u00a0\u201cThe duration and extent of the pandemic remains uncertain and it is critical that these institutions remain resilient by strengthening their balance sheets,\u201d CBK said.<\/p>\n

Banks are estimated to have registered a drop in profitability by 30 per cent in what is turning out to be one of the worst half years for the country\u2019s lenders.<\/p>\n

An analysis of financial results for 28 banks by The Standard,\u00a0shows\u00a0the industry\u2019s net profit declined to Sh44 billion in the first half of 2020 from Sh62.9 billion in the same period last year, reflecting the negative effects of\u00a0Covid-19.<\/p>\n","protected":false},"excerpt":{"rendered":"

Author:\u00a0Reuters AfricaPress-Kenya: The Central Bank of Kenya (CBK) will have to approve any plans by commercial lenders to issue dividends for this year, it said in a memo to bank executives yesterday, an unusual move caused by Covid-19 crisis. Lenders have seen their earnings plunge in the first half of this year, hit by higher […]<\/p>\n","protected":false},"author":84,"featured_media":13656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[1155,2217,2763],"class_list":["post-13715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-cbk","tag-central-bank-of-kenya","tag-covid-19-pandemic"],"yoast_head":"\nCBK to rule on dividend issuance by lenders - kenya<\/title>\n<meta name=\"description\" content=\"The Central Bank of Kenya (CBK) will have to approve any plans by commercial lenders to issue dividends for this year, it said in a memo to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/cbk-to-rule-on-dividend-issuance-by-lenders\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBK to rule on dividend issuance by lenders\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Kenya (CBK) will have to approve any plans by commercial lenders to issue dividends for this year, it said in a memo to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/cbk-to-rule-on-dividend-issuance-by-lenders\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-01T18:11:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/08\/central_bank_to_rule5f4d25a177ec9.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"712\" \/>\n\t<meta property=\"og:image:height\" content=\"448\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/cbk-to-rule-on-dividend-issuance-by-lenders#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/cbk-to-rule-on-dividend-issuance-by-lenders\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CBK to rule on dividend issuance by lenders\",\"datePublished\":\"2020-09-01T18:11:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/cbk-to-rule-on-dividend-issuance-by-lenders\"},\"wordCount\":251,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/cbk-to-rule-on-dividend-issuance-by-lenders#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/08\/central_bank_to_rule5f4d25a177ec9.jpg\",\"keywords\":[\"CBK\",\"Central Bank of Kenya\",\"Covid-19 pandemic\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/cbk-to-rule-on-dividend-issuance-by-lenders#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/cbk-to-rule-on-dividend-issuance-by-lenders\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/cbk-to-rule-on-dividend-issuance-by-lenders\",\"name\":\"CBK to rule on dividend issuance by lenders - 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