Asset financing bad loans hit Sh173bn on high rates
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Defaults on loans tapped to buy homes, land and vehicles shot up by nearly a fifth to Sh173.3 billion last year on elevated interest rates, triggering a wave of auctions in a softening economy where business and households grappled with reduced earnings.
Analysis of the latest Central Bank of Kenya data shows the stock of gross non-performing loans for the real estate and transportation sectors grew 18.7 percent from Sh146 billion in the prior year.
