Kenya Commercial Bank (KCB) Rwanda is planning to restructure its bad debts in 2014 and bring them to at least half of the default rate set by the country’s regulatory body, KCB Bank Rwanda retail banking head George Odhiambo has said.
According to Odhiambo, the non-performing loans of the bank had increased to 9% of net credit at the end of September 2013, which is 5% more than the rate set by the central bank.
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KCB Bank Rwanda’s bad debts rose to RWF4.4bn ($6.5m) at the end of 30 September 2013 from RWF2.3bn ($3.4m) in the same period in 2012, reported Bloomberg.
In June 2013, the central bank of Rwanda reduced its key lending rate to 7% to boost credit and economy.
On 31 December 2013, Odhiambo told the news daily that, "We are making efforts to make a recovery, restructure the same loans with the customers and have more engagement with them so to avoid the worst outcome."
KCB Bank Rwanda aims to double its current 8% Rwandan market share and to triple its number of customers to 75,000.
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