Absa Bank Kenya Issues Profit Warning For FY 2020
By Juma / Published December 24, 2020 | 10:54 am
Absa Bank Kenya Plc has issued a profit warning saying its net profit for the 2020 full year will be lower than expected. The listed lender cites increased impairment provisions due to the Covid-19 pandemic. The lender has however remained resilient.
“Trends and forecasts show that the rate of impairment is increasing due to the delayed loan repayments and potential additional stress due to COVID-19 after-effects,” Absa notified its investors.
The bank’s asset quality deteriorated, with the NPL ratio increased to 7.6 percent in Q3’2020, from 6.8 percent in Q3’2019, due to the faster 20.8 percent growth in gross NPLs, which outpaced the 7.3 percent growth in gross loans.
Absa unveils repayment period of 6 years for its asset financing clients
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Absa Bank Kenya has enhanced its vehicle asset financing proposition by extending the repayment period to six years (72 months), the longest tenor in the vehicle asset financing industry currently.
The deal also comes with Ksh. 300,000 vehicle maintenance limit on credit cards for customers who take up the offer to support them maintain their vehicles, including managing their fuel purchases. This is in addition to the 95% funding offer to customers purchasing new vehicles of their choice, both in the commercial and passenger services categories.
In this deal, the bank has partnered with the four major distributors in East Africa, namely Toyota Kenya, Isuzu East Africa, DT Dobie, and Simba Colt.
Simba targets users of secondhand cars with Sh1m Kenya-made car
Friday December 11 2020
By JOHN MUTUA
Summary
The new Proton Saga is a Malaysian model and becomes the latest car to be assembled locally joining Volkswagen Polo Vivo (by DT Dobie) and Peugeot (Urysia).
Simba Corporation on Thursday started selling a locally assembled car that retails at about Sh1.1 million ($10,000), targeting consumers of second-hand vehicles.
The new Proton Saga is a Malaysian model and becomes the latest car to be assembled locally joining Volkswagen Polo Vivo (by DT Dobie) and Peugeot (Urysia).
Proton Saga is an automatic car with an engine capacity of 1,300cc, making it a low fuel consumer with a warrant of five years, making it attractive to buyers of used cars.