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Bank of Africa in Sh58m profit

NAIROBI, Kenya, May 28 – Bank of Africa has reported Sh58.2 million pre tax profit for the three months ending March 2009 representing a growth of 38 percent compared to the Sh42.3 million reported over a similar same period last year.

The Bank’s Managing Director Kwame Ahadzi attributed this growth to an expanding network which has boosted its customer base.

“Apart from our traditional business segments, we have also been focusing more on small and medium enterprises as well as retail businesses and this has given us an additional push in growth as a bank,” said Mr Ahadzi.
The MD said the global financial crisis had affected foreign exchange inflows from exports, thus reducing the overseas takings.

“We have also seen a reduction in remittances from the Diaspora therefore reducing the actual amounts of funds received and foreign exchange income earned,” he said.

He said reduced activity in trade finance with less importers applying for the service had in turn led to a slump in the fees earned.

However, the bank’s total interest income rose by 66 percent from Sh149.7 million to Sh249 million during the first quarter of 2009 while its total operating income was increased by 32 percent to reach Sh233 million compared to a similar period last year.

Bank of Africa’s after tax profit rose by 25.7 percent to hit Sh43.9m compared to the 2008 figures.
“We consider the results reciprocation of goodwill by our customers across the board and of the significant progress made over the years by being flexible to their needs,” said Mr Ahadzi.

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