Bank shifts focus to providing relief

Business

By CLARISSA MOI
KINA Bank says the lending environment has shifted from funding growth to providing relief for its existing customers both in retail and business.
Executive general manager lending Asi Nauna said in an online briefing that this was due to the impacts the Covid-19 had on business activities which included lending.
“What this meant was that the bank supported its existing customers impacted by the pandemic through loan repayment relief arrangements,” she said.
“We also reduced interest rates by two per cent for working capital facilities or overdrafts to help support customers as well particularly in the business space.
“From our home lending or mortgages perspectives, we re-priced interests for home loans and investment property loans to 6.95 per cent and 7.95 per cent respectively.
“So the bank took an approach to support its customers that were affected by the pandemic.
“The other thing we saw was that the customers weren’t impacted by the pandemic pick up opportunities to redirect cash flow used to service a lease for example to build or purchase property to own and/or to occupy.”