EFFECTS OF COMMERCIAL BANKS CREDIT TO

SMALL SCALE INDUSTRIES ON ECONOMIC

GROWTH IN KENYA; A CASE STUDY OF EQUITY
BANK

(Group five)

BARCHELOR OF SCIENCE
(BANKING AND FINANCE)

JOMO KENYATTA UNIVERSITY OF

AGRICULTURE AND TECHNOLOGY

2020
 CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

Throughout the world, Economic growth has been the most macro-economic goal
that each and every economy has fought to achieve. In many countries the ability
to achieve economic growth has been followed by a number of other macro-
economic goals including (full employment, suitable balance of payment and price
stability). Achieving this goal has not always been successful this is as a result of
experiencing many barriers of achieving this goal. Barriers that have affected the
goal include various crises that unexpectedly hit the global economy. Witnessing
the global financial recession 2008 which mostly affected the developed countries
proved detrimental to an economy.

According to Jason Mulu (2012) there is a slight weak correlation between

economic growth and loans extended to private borrowers. Jason on his study
found that there was a slight drop in economic growth when the amount of loans
given to borrowers increased however; this was a case of combination of all loans
extended to borrowers. His study focused on all loans extended to those who were
able to access the loans but did not evaluate the potential of the small industries to
the economy. Considering there were a significant number of private borrowers
who were faced by moral hazard risk this could turn out to be the case.

According to Goyal (1974) on his book Financial Institution and Economic

Growth, there is a need for financial institution to upgrade their monitoring system
and on a very thorough note close check the operations of respective borrowers.
On his book this close monitoring would impact economic development. His view
was that on ensuring that credit was only used for productive purposes then there
was nothing to hinder economic growth when loanees engaged in productive
operations only. On reducing non-performing loans then financial institution were
actually able to finance industries and agriculture.

According to professor S.C Kuchhal (1987) industrialization lifts the margin of

diminishing returns. On his discussion he argued that an increase in returns may be
realized in both the internal and external economies. Internal economies where
industrialization is growing the law of diminishing return would have a margin
which was appropriate. This small significant was as a result of increasing the
industrial production base as opposed to increasing funds without an increase in
industrialization. Therefore increase of industries would impact economic growth
as a result of increasing scales and ranges of returns which were continuously
created, frequently prolonged and enlarged by the growth of industries.

NS Gupta and Amargit Singh (1986) on Need for Industrialization for a

Developing Country showed that when industries were funded appropriately and
other factors held constant in a favorable environment the industries would pioneer
both the increase of social welfare and in the long run contribute to economic
development. This was the case because when industries pay both the direct and
indirect taxes to the government they could pay a percentage of the profit realized.
When financial institutions funded the expansion and capital for startup then profit
would increase due to expansion and the number of industries which were paying
taxes would increase due to the witnessed startups. The government therefore
would receive a significant increase in revenue from taxes. In return the
government would allocate more resources on social amenities. When social
amenities (roads, hospitals, schools) were made available then as a result both
economic growth and social welfare were achieved.

According to PT Jawahar Nehru (1987) on his study saw that real progress for an
economy was entirely dependent on industrialization. Economic stagnation was a
situation that many developing countries found them in. He saw that there was a
need to come out to this situation by discouraging export of raw materials. When
financial institution are able to finance local industries the industries would have
the ability to import machinery and expertise required in transformation of raw
material to finished goods. When countries exported finished goods rather than raw
materials the country experienced an increase in foreign reserve and therefore such
countries would establish a viable balance of payment.

1.1.1 Commercial bank credit

According to COLE (2005) He saw credit as purchasing power not derived from
income but created by financial institution either as on offset to idle income held
by depositors in the bank or as a net addition to the total amount or purchasing
power. He saw that the ability to purchase the idle fund as credit. In Latin the word
credit is derived from credo which means trust in hence it shows the trust put on
another person upon receiving advances from a bank with an expectation of
repaying back after the pre agreed time expire.

In Kenya the central bank of Kenya has been the main regulator of the banking
sector. The fact that the CBK acts as a lender of last resort makes this independent
institution be directly involved in the process of credit creation by commercial
banks. In implementation of monetary policy the CBK through the monetary
policy committee conducts market perception surveys every two months to obtain
a feedback on the performance of the economy, perception and impact of private
sector on access to credit from commercial banks and the response by private
sector to monetary policy decisions. The CBK also has the credit officer survey
report to try and examine how bank deals with credit.

According to Murphy KJ on managerial capital and the market for CEOs there
was need for ensuring capital was available to firms in order to ensure that
management would sustain the firm in the market. Banks therefore were to make
credit available to firms in order to finance working capital needs. The huge funds
that firms required to meet their current liabilities could be provided by banks
through issuance of credit.

EQUITY BANK has been in the fore front since its establishment to promote
channelization of savings to investment and consumption. Equity bank therefore
has played an important role in merging the needs of savers to credit needs of
investors and consumers. Equity bank has promoted financial access by coming up
with products that try to fit to the need of small industries. According to
www.equitybank.co.ke Equity bank, formerly Equity Building Society began
operating in 1984 and was established as a Kenyan commercial bank in august
2006 through a share listing on NSE. Equity bank has since established itself as the
largest and most recognized bank brand in both Kenya and east African region,
winning three awards for best Kenyan bank in 2008 alone. The bank operates over
90 branches, 350 branded ATMs and 2500 points of sale in the region. Loans for
equity bank have grown significantly making it to realize super profits and
increased returns to shareholders.
1.1.2 Small scale Industries Commercial Credit and Economic Growth

In financial management debt financing is attributed to be cheaper than equity

financing. This is so because credit borrowing is collateralized therefore faced by a
lower risk factor. On the other hand equity holders take more risk and therefore
they demand higher returns. Small scale industries would not go for equity
financing due to the high cost associated in floatation. In this view commercial
bank credit would assist in expansion and growth of small scale industries. In
Kenya the small scale consumer goods industry (plastic, furniture, batteries, textile,
clothing, soap, cigarettes and flour) has been in the front line to contribute to the
GDP which reflects the rate of change of economic growth.

The above background with a lot of diverse findings on the subject matter and
therefore this study aims at understanding what parameters do commercial banks
credit affect small scale industries on economic growth in Kenya a case study of
equity bank.

1.2 Statement of the Problem

Limited access to credit has posed a challenge to both the private sector and the
small industries in the early 1990s therefore lack of financial inclusion is harmful
to small industries. According to D Sharma in The Journal of Developing Areas
(2017) financial inclusion is a multi-dimensional concept where there exist a
positive association between economic growth and inclusion specifically banking
penetration and ease availability of financial services. He saw that Promotion of
inclusion to the small industries that were denied access by traditional banking
system due to various factors then as a result economic growth was felt. Financial
inclusion in this case: to mark improvement in quantity, quality and efficiency of
banking services. In the recent past Kenya has lifted its interest rate cap in a move
to revive shrinking credit access.

Limited government involvement in creating an environment for expansion of

industries has remained a challenge .Wallace (1988) productive capacity are
remarkably vital and growth could not only depend on this but also the degree in
which capacity are utilized hence there was need to increase the actual output as
well as capacities to produce. Government has the ability to enhance a favorable
environment for industries to trade in. policy reforms that encourage the expansion
of industries were vital to developing economies.

Mismanagement of small industries is common which lead to economic stagnation.

According to (CERHORSKY 2015) Credit fuels economic activities by allowing
businesses to invest beyond their cash on hand, households to purchase
homes without saving the entire cost in advance, and governments to smooth
out their spending by mitigating the cyclical pattern of tax revenues and to
invest in infrastructure projects. When the small industries mismanage their
funds the effect caused to the economy was found to be great therefore the need of
qualified expertise in the industrial management was a key to economic progress.

A research conducted by IMF showed that small manufacturing industries output

and technological improvements in machinery were the main drivers of economic
growth. The interaction between the technological and productive potential of
machine tools by industries affected each other as well lead to the explosive
economic growth. Robinson (1952) argued that financial development follows
growth. He suggested that where the enterprise leads finance follows. With his
followers the likes of Keynes (1936) they argued that the activities of credit
creation by commercial bank constrained economic development. On the other
hand Schumpeter (1959) argued that credit and financial services are paramount in
promoting economic growth. In his view production required credit to materialize
and one could only become an entrepreneur by initially being a debtor that is by
first wanting credit.

Lack of clarity on to what extent does credit to small industries contribute to

economic growth and nevertheless having witnessed the challenges caused by the
global pandemic it is wise to be part and process of stimulus economic revival
hence inspiration of the current study. This study will focus on the effects
commercial banks credit to small scale industries on economic growth in Kenya a
case study of equity bank.

1.3 Objectives of the Study

This section highlights the objectives of the study. The objectives of this study are
classified into two broad categories general and specific objective.

1.3.1 General objective

The overall aim of this study is to determine the effect of commercial banks credit
to small scale industries on economic growth in Kenya a case study of equity bank.

1.3.2 Specific objective

The study purport to thoroughly evaluate the following objectives

1. To determine the influence of monetary policy on the economic growth of

Kenya.

2. To determine the effect of priority industry lending on the economic growth

of Kenya.

3. To assess the influence of credit monitoring on economic growth of Kenya.

4. To assess the influence of credit evaluation on economic growth of Kenya.

1.4research questions

The study is steered by the below questions which are deduced from the specific
objectives above

1. What is the effect of monetary policy on economic growth of Kenya?

2. What is the effect of priority industry lending on the economic growth of

Kenya?

3. What is the influence of credit monitoring on economic growth of Kenya?

4. What is the influence of credit evaluation on economic growth of Kenya?

1.5 Significance of the study

The study will be of importance to the following bodies:

1.5.1 Management of EQUITY bank

The management of equity Bank could use the study as a reflection of their credit
to small industries in impacting the growth of Kenyan economy. This is because it
would try and show clearly how equity bank have continued to provide capital to
the small industries in Kenya and its impact prior the global pandemic.

1.5.2 Scholars and Researchers

This study would be of importance to scholars as it contributes to the existing

knowledge in business finance. This research could be more appealing to
individual researchers, and scholars who wish to carry out further research in this
area to address the various situations that are not clear or left out by the study.

1.5.3Regulators

The main regulator of the banking system in Kenya is the CBK. This research
would be of great importance to the CBK as it will show how the monetary
policies which are set by the MPC could impact the Kenyan economy.

1.5.4 National and county Government

Government through the ministry of finance when planning for economic

development could use this research to try and focus on renovation of financial
infrastructure as it enhances industrialization. In collaboration with county
governments the less privileged counties would be allocated more funds to boost
the small industries having in mind the do not require large amount of funding
compared to large industries and this could result to balanced economic growth

1.5.5 Small industry

Small industries would use findings and the recommendations from this research
proposal to come up with appropriate strategies which makes them have access to
commercial banks credit because although they don’t require collateral to secure
credit in a banks they must show prudent management of resources for the bank to
increase confidence in them.

1.6 Scope Of The Study

The study will focus on economic growth by provision of credit to small

industries. This study aims at achieving economic real progress by interaction
of credit and industries. The capability in the hands of the small scale industries
is what this study sheds light on. The study will use a sample of one
commercial bank in Kenya. The study will focus on Equity bank of Kenya as
the location at which the study will take place. The principle behind choosing
equity bank to represent the other commercial bank is informed by the fact it is
the largest private bank in the East African region in terms of assets up to 284.3
billion and has a larger customer base than other commercial banks in Kenya.
The study will be carried out at the headquarters in Nairobi as the consolidated
financial statement and other relevant information to the study would be
available.

The sample period of the study is ten years. The period 2009-2019 had a major
milestone in terms of economic growth with political stability and other *-
favorable condition for investment to take place. The study is ascribed by
various variables that affect disbursement of credit to industries for example
monetary policy credit monitoring and credit evaluation.
 CHAPTER 2

LITERATURE REVIEW

2.1 Introduction

This chapter discusses the concept of credit monitoring and the suggestions
toward meeting the objective in credit monitoring. The theoretical framework of
monetary policy in economic growth is also discussed in this chapter. There are the
theories explaining the theoretical underpinnings of the study and the critical
review towards the above variables.

2.2 Theoretical Framework

2.2.1 The dominant school of thoughts

The dominant school of thought in strategic management has been the

relationship between the firm and the industry is essential. A principal model of
this school has been Porter’s (1985) “five competitive forces” for analyzing
industry structures. In this model, a firm’s profitability is influenced by its relative
size compared to its industry rivals, suppliers and customers (Porter, 1985).
Accordingly, the industry forces in which the firm operates requires that the firm
adapts to these requirements in order to survive in the long run. In addition, the
firms that fail to adapt to these requirements will be forced to exit from the
industry/market. The models within the industrial organization school of thought
are based on the following two assumptions: firstly, companies in an industry are
identical in terms of the strategically relevant resources they control and the
strategies they pursue (Porter, 1981). Secondly, resources in an industry are
identical because an organization’s resources, which they use to implement
strategies are highly mobile in the market (Barney, 1991).

2.2.2. Industrial organization school of thought

Within the industrial organization school of thought the key to sustained

competitive advantage is choosing an appropriate industry and positioning itself
within that industry. Consequently, the industrial paradigm regards competitive
advantage as a position of superior performance that a firm can achieve through
one of the following generic strategies: cost leadership, differentiation or focus
(Porter, 1985). Cost leadership is the achievement of the lowest unit cost base of
the industry, whereas differentiation is the ability to charge a premium 11 price for
offering some perceived added value to the customer (Porter, 1985). The focus
strategy is the concentration of a narrow segment and within that segment attempt
to achieve either a cost advantage or differentiation (Porter, 1985).

2.2.3 Wicksell Theory of Lending Economic Growth.

As poised by Weise(2006) this theory was postulated by a Swedish economist

called Knut Wicksell in 1901 with strong influence from the quantity theory of
money. The theory by Wicksell therefore took a monetary approach to economic
growth.

Wicksell (1901) argued that if the interest rate of borrowing money is below the
natural rate of return on capital, entrepreneurs will borrow at the money rate to
purchase capital goods, lending too increased demand for resources. Conversely, if
the interest rate of borrowing money is above the natural rate of return on capital,
entrepreneurs would sell the capital goods and hold money. This would lead to a
higher demand of borrowing and cost of money.

This theory is important to this study since it gives a direct connection between
demand for and the cost of money and output in a country. It shows how interest
rates affect borrowing which in turn affects the purchase of capital goods and how
production is affected. If interest rates are higher than the natural rate of return,
borrowing will reduce therefore reducing economic growth as a result of low
investment. On the contrary, if the rate of interest is lower than the natural rate of
return, then more borrowing will take place and this will spur economic growth
through investment (Weise 2006).

2.3. Critical Review

An effective credit monitoring system will include measures to; ensure that the
bank understands the current financial condition of the borrower or counterparty;
ensure that all credit are in compliance with the existing covenant; follow the use
customer make of approved credit lines; ensure that projected cash flows on major
credits meet debt servicing requirements; ensure that where applicable, collateral
provides adequate coverage relative. Its obligors’ current condition and identity
and classify potential problem credits on timely basis. The problem of credit risk
often begins at the loan origination/application stage and increased further at the
loan approval, monitoring and controlling stages, especially when credit risk
management guidelines in terms of policy and strategic procedures for credit
processing do not exist, are weak or incomplete (Greuning & Bratanovic 2003). 12
Monitoring of borrowers is very important as current and potential exposure
changes with both the passage of time and the movements in the underlying
variables (Punaldson, 1994). Monitoring involve among other, frequent contact
with borrowers, creating an environment that the bank can be seen as a solver of
problems and trusted advisor to the borrower; develop the culture of being
supportive to borrowers whenever they are recognized to be in difficulties and are
striving to deal with the situation; monitoring the flow of the borrower’s business
through the bank’s account; regular view of borrowers financial reports as well as
an onsite visit by banks staff; updating borrowers credit files and periodically
reviewing the borrowers ratings assigned at the time the credit was graphed (Tracy
& Carrey 1998; Basel 1999). For the various components of credit administration
to function appropriately, senior management must understand and demonstrate
that it recognized the importance of this element of monitoring and controlling
credit risk (Basel, 2007).

Abubakar and Gani 2013 conducted a study on financial development and

economic growth. The aim of the study was to examine and establish the long run
relationship between financial development indicators and economic growth in
Kenya. The study was done for a period of time between 1970 and 2010.Among
other financial indicators of financial development, the study also used liquid
liabilities of commercial banks, credit to the private sector, interest rate spread and
government expenditure. The study applied the Johansen and Juselious (1990)
approach to integration and vector error correction model (VECM).The study
found out that in the long -run , liquid liabilities of commercial banks exerted
significant positive influence on economic growth while credit to the private
sector, interest rate spread and government expenditure exerted significant
negative influence. The study concluded that credit to the private sector deterred
economic growth.

Summary of Review
As shown in the literature review there seems to be agreement among the theories
of Working Capital Management that debt has an effect on economic growth.
However, the nature of the effect varies from context to context. Some studies
show a close connection between lending by commercial banks and economic
growth with some showing casualty between them. On the other hand, other
studies show weak relationship or none at all.

Kenya, being a country that has for some time followed the route of improving
access to credit as a mechanism of spurring economic growth provides the
opportunity for the investigation as to whether this policy will yield results. There
is need to conduct a research to find out the relationship between such debt and
Kenya’s economic growth. This provides the motivation for this research.

Conceptual framework

Fig 2.1 Diagram showing the conceptual framework.

Monetary policies

Dominant school of thoughts

Industry lending

industrial organization school Economic

Credit monitoring Growth

Credit evaluation
 CHAPTER THREE

RESEARCH METHODOLOGY

3.1 Introduction

This chapter presents the methodology which will be employed in the research
in order to establish the impact of commercial bank credit to small scale
industries on economic growth in Kenya. This chapter majors on showing the
mechanisms and measures to be used in the collection, processing and
analyzing of data. Sampling methods which will be used during the study as
well are explained below in this chapter. This chapter has six subsections which
include research design, target population, sample and sampling design, data
collection and instrumentation and data analysis.

3.2 RESEARCH DESIGHN

The research will take a correlation cross sectional design where Equity bank
will be used as a sample in regards to the research. Equity bank will represent
other commercial banks in Kenya. This research design will assist to achieve
the objective of the study which is to understand the effects of credit to small
scale industries on the economic growth of Kenya. A time frame from 2009 to
2019 will be used hence a time series analysis approach. This study select this
time because it incorporates major reforms in the banking industry and
dynamics in lending practices of commercial banks. Webb et al 1966 shown
that a time series study provides the best approach because it describes
phenomena across time using continuous record in the variation of variables
being investigated over a period of time studied. Correlation will be done
between GDP values from national income statistics and loans issued by Equity
bank to small scale industries. The time series correlation is aimed to show the
relationship between commercial banks credit on economic growth.

Target population

Target population is the group of individuals or objects from which samples are
taken for measurement. According to Cooper and Schindler (2000) a population is
the total collection of elements about which we wish to make some inferences.
Borg and Grall (2009) described target population as a common set of study units
to which a researcher would like to determine the general results. According to
Castillo (2009), target population is an entire group of individuals or objects to
which researchers are interested in generalizing their conclusions. For the purpose
of this study the target population will be taken as the employees of Equity bank
branches around Nairobi. Equity bank employs competent staff for both the top,
middle and low level of management. Managers in the respective level of
management are useful elements to the study as they will give credible responses
to the questions of the study. Loans manager from Equity bank branches will assist
a lot by explaining the behavior of small micro industries as loans manager interact
with clients on a daily basis.
Table 3.1: Table showing research study population

Finance managers 50
Loan officers 50
Branch managers 50
Routine employees 100
Total 250

3.4 Sample and sampling design

A sample is defined as a subject of a population that has been selected to reflect or

represent characteristics of a population (Kothari, 2004). A sample design is a
definite plan for obtaining subjects from a given population. It refers to the
techniques that a researcher adopts in selecting items for the sampling. For the
purpose of this research probability sampling technique will be used. This means
that every element of the population has an effect on the sample. A stratified
random sampling will be used in selection of individuals whose views are of great
importance to the study.
Tromp (2004) argues that a stratified proportional sample increases a sample’s
statistical efficiency and provides adequate data for analyzing the various
populations. The rationale behind choosing this method is because it is cost
effective, fast tracks data collection, and access to the unit of analysis and elements
of the study. According to Kombo (2009), a sample size of ten percent to twenty
percent of the target population chosen through the method of stratified sampling is
considered as appropriate. Thus, 10% of the accessible population is enough for
the sample size.
The sample will be selected randomly from each stratum and sample size of 25
employees and managers will represent 10% of the target population. The rationale
behind this percentage is informed by the study of Creswell (2011) and Sekaran
(2006) that an ideal sample size of 5-20% of population is considered acceptable
for most research purposes as it provides the ability to generalize for a population.
For the purpose of this contest the Participants will be stratified into the following
categories as shown in the table showing the entire population: finance managers,
loan officers, branch managers and routine employees. The table below how the
sample to be used will be distributed
Table 3.2: Table showing research study population, percentage and sample
size.

statum Total percentage sample

population
Finance managers 50 10% 5
Loan officers 50 10% 5
Branch managers 50 10% 5
Routine employees 100 10% 10
Total 250 25

3.5 Data collection and instrumentation

This sets out how data for the study will be collected. The study will use
questionnaires to collect data especially primary data. A questionnaire is a
systematically prepared form or document with a set of questions deliberately
designed to elicit responses from respondents or research informants for the
purpose of collecting data or information (Kumar, 2011). A questionnaire is a
means of eliciting the feelings, beliefs, experiences, perceptions or attitudes of
some individuals. According to Polit and Beck (2004), questionnaires are
structured instruments that consists a set of questions in which the wording of both
the questions and response alternatives is predetermined. A questionnaire is an
efficient and convenient way of gathering the data within the resources and time
constraints. Questionnaires consisting of structured and non-structured questions
will be used to collect data from the Branch managers, Loan officers, finance
managers and Routine employees of Equity bank branches.
The structure of the questionnaire will include structured and semi-structured
questions as this will provide the flexibility for specific and unique responses to
some of the questions. Open ended and closed ended questions will be brief and
well-focused in recognition that managers and employees of a banks have very
tight and busy schedules. The structured questions will be closed ended with
alternatives from which the respondent will be expected to choose the most
appropriate answer. The main advantage of these types of questions is that they are
easy to analyze and they are time bound.
Unstructured questions will present the respondent the opportunity to provide their
own answers. They gave the respondents complete freedom of response and permit
an individual to respond in his or her own words. Bank managers and employees
are competent and hence the unstructured questions will provide a depth of
response which will provide an insight into the feelings, background, hidden
motives, interests and decisions of the respondent.
Secondary data required for this research will be sourced from the historical
financial statements of Equity banks to access the amount of credit issued to small
scale industries and the Kenya National Bureau of Statistics to access the change in
GDP in a time frame of ten years from 2009 to 2019.

3.6 Data analysis

Analysis of data means the computation of certain indices or measures along with
searching for patterns of relationship that exist among the grouped data. This
research will use data for two the variables including: the annual economic growth
and the amount of credit issued by Equity banks to small scale industries.

The values of economic growth measure will be GDP which will be calculated
from GDP values provided by Kenya National Bureau of Statistics. The
relationship between economic growth and the change in financing arrangement
will be determined using a regression model. The regression model will have
economic growth as the dependent variable while the amount of credit to small
scale industries as the independent variable. The regression model will be analyzed
using calculations by hand and computerized using SPSS. SPSS is a statistical tool
which will assist to assess the correlation and other measures of model fit between
these two parameters. SPSS will be used only to make sure that the calculations
have no errors as the output provided by SPSS has a low probability of making
errors provided that the input is correctly placed in this statistical tool.

To test the strength of the regression analysis, the correlation coefficient R, and the
coefficient of determination will be used. 95% confidence level will be used to
determine the statistical significance of the model. The t-statistic will be used to
determine whether the regression analysis is of statistical importance at 95 %
confidence level. The coefficient of determination and the Adjusted R2 will be used
to determine how much variation in growth was explained by the variation in
changes in credit issued to small scale industries. The formula below will be used
to calculate the adjusted R2 and t statistic respectively

Adjusted R2= 1-(1-R2) n -1

(n-k)
2
Where R = coefficient of determination
n= number of observation.
k= number of coefficients to be determined.

t statistic = b
sb
where b = beta
sb = standard error of beta

R2 = [n∑XY-(∑X)(∑Y)]2
[n∑X2-(∑X)2n(∑Y2)-(∑Y)2]
CHAPTER ONE ASSIGNMENT

Group five

BENJAMIN KIMANI MBUGUA HDB223-0502/2018

SHEILA RESON HDB223-0800/2018

JOHN KIMANI MBARI HDB223-0811/2018

HILDAH KATOLA KASEMBELI HDB223-0452/2018

SHITOKO MERVIN HDB223-0510/2018

CHRISTABEL BUKASU HDB223-0507/2018