A Stanbic Bank branch. [Photo/BussinessDaily]
Stanbic Bank has embarked on an aggressive drive to get its clients to repay overdue loans.
The lend seeks to reverse the sharp rise in defaults experienced in the third quarter of this year.
The financier, which controlled 65.3 per cent market share of the banking industry last year, has reported one of the largest growths in gross non-performing loans (NPLs) among the eight tier-one lenders.
Stanbic’s gross NPLs jumped Sh2.83 billion, or 43.67 per cent in three months through September to Sh9.31 billion.
“We are actively engaging our clients to ensure that we resolve the matters that have led to the non-performing loans situation,” the bank said in a statement seen by the Business Daily.
“We are positive that the actions instituted through partnering with our clients will resolve the nonperforming position within the next six to nine months,” it added.