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KCB takes lead, lowers lending rates

11 September 2012, 16:14

Nairobi – Kenya Commercial Bank (KCB) became the first institution on Monday to lower its lending rates following last week’s reduction of the Central Bank’s benchmark tariff.

KCB announced that its base lending rate would reduce from 22 percent to 19 percent from October 1, while its mortgage base rate would drop by a percentage point to 18 percent.

The regional bank which is Kenya’s largest in terms of asset size and profitability said that the downward revision of its base lending and mortgage rates reflects the improvement in the overall cost of credit and the easing of inflationary pressures.

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