Bank of africa pre tax profit grows by 105 percent

bank of africa

Bank of Africa Kenya (“BOA”) has reported a pre-tax profit of Kshs 280.2million for the nine months ending September 2010, representing a growth of 105 percent compared to the Kshs. 136.4 million reported for the same period last year.

“This year, we have seen tremendous growth in customer deposits and the loan book. This has greatly contributed to the good financial results we have recorded throughout the year,” said Mr Kwame Ahadzi, Managing Director, Bank of Africa.

The bank has grown its total assets from Kshs.15.0 billion in September 2009 to Kshs. 24.6 billion in September 2010.

“Last year, we embarked on an aggressive branch expansion campaign, with the primary aim of taking banking services closer to the people. , We have opened four branches this year which has increased our asset base and greatly contributed to increased customer deposits which has grown from Kshs.10.9 billion in September 2009 to Kshs. 18.3 billion in September 2010, representing a 67 percent growth,” said Kwame.
The bank’s loan book stands at Kshs. 12.4 billion as at September 2010 as compared to Kshs. 7.8 billion recorded in the same period last year, representing a 58.9 percent growth.

Furthermore, the bank’s total interest income rose by 54 percent from Kshs 808.9 million to Kshs 1.2 billion during the same period in review, while its total operating income increased by 53 percent to reach Kshs 1.1 billion compared to Kshs. 727million in the same period last year.

“We anticipate positive full year financial results and we plan to develop more products and packages to target different market segments to ensure more Kenyans can access affordable financial services. Some of the products being developed will target athletes, health service practitioners and other selected sectors,” said Kwame.

As a group, which covers Kenya, Uganda and Tanzania, pre-tax profit rose by 62 percent, to Ksh. 380.8 million from Ksh 234.1 million with total assets grew from Kshs. 22.9 billion to Kshs. 33.5 billion.

BANK OF AFRICA KENYA LIMITED is an all public bank which started operations in Kenya in July 2004 after taking over the banking business of Banque Credit Agricole Indosuez, which had operated with only two branches in Nairobi and Mombasa for over 20 years.. Today, BOA-Kenya has 13 branches in Kenya spread over the major towns.

The bank is a member of the GROUP BANK OF AFRICA which is well established in 12 countries in Africa namely: Benin, Burkina Faso, Burundi, DR Congo, Ivory Coast, Kenya, Madagascar, Mali, Niger, Senegal, Tanzania and Uganda. The Bank of Africa Group also has operations in France.

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