{"id":91479,"date":"2023-05-03T16:11:16","date_gmt":"2023-05-03T16:11:16","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/local-lenders-extended-sh6-2tn-in-loans-last-year-report"},"modified":"2023-05-03T17:26:31","modified_gmt":"2023-05-03T17:26:31","slug":"local-lenders-extended-sh6-2tn-in-loans-last-year-report","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/local-lenders-extended-sh6-2tn-in-loans-last-year-report","title":{"rendered":"Local lenders extended Sh6.2tn in loans last year – report"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>The overall credit advanced by commercial banks and non-banks financial institutions increased by 12.3 per cent last year to Sh6.2 trillion, latest Kenya National Bureau of Statistics (KNBS) data shows.<\/p>\n

This is up from Sh5.5 trillion given to borrowers in both the private and public sectors in 2021, the Economic Survey 2023 has indicated. KNBS has attributed the increase largely on credit advanced to the private enterprises, which increased to Sh2.4 trillion.<\/p>\n

\u201cOf the total loans advanced to the private sector, wholesale and retail sector took the lion share of 24.7 per cent, an equivalent of Sh607 billion,\u201d the report reads in part.<\/p>\n

This was followed by building, construction and real estate, and manufacturing sectors, taking 22.9 and 21.5 per cent, respectively. Transport, storage and communication, agriculture, business services and insurance sectors took 12.3, 4.8, 8.2 and 4.8 per cent, respectively.<\/p>\n

The amount credited to the public sector also recorded an increase to Sh2 trillion in the period under review, from Sh1.8 trillion in 2021. Credit to county governments declined during the period to Sh6.3 billion, compared to Sh18.2 billion the previous year.<\/p>\n

The increased borrowing from various sectors is despite the harsh credit market, which has witnessed a back-to-back increase in lending rates. This ranges from hiked Central Bank Rate to inter bank rates, meaning borrowing costs went up consequently, with the borrowers having to incur much more extra in repaying the loans.<\/p>\n

During the review period, CBR was raised from seven per cent in December 2021 to 7.50, 8.25 and 8.75 per cent in June, October, and December, respectively. Similarly, lending interest rates for loans and advances increased from 12.16 per cent in December 2021 to 12.67 per cent in December 2022.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. The overall credit advanced by commercial banks and non-banks financial institutions increased by 12.3 per cent last year to Sh6.2 trillion, latest Kenya National Bureau of Statistics (KNBS) data shows. This is up from Sh5.5 trillion given to borrowers in both the private and public sectors in 2021, the Economic Survey 2023 […]<\/p>\n","protected":false},"author":84,"featured_media":91478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-91479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nLocal lenders extended Sh6.2tn in loans last year - report - kenya<\/title>\n<meta name=\"description\" content=\"The overall credit advanced by commercial banks and non-banks financial institutions increased by 12.3 per cent last yea ...\" \/>\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\/all-news\/local-lenders-extended-sh6-2tn-in-loans-last-year-report\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Local lenders extended Sh6.2tn in loans last year - 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