Bank of Africa reports 21% drop in H1 profit on rising interest costs.

By bne IntelliNews August 17, 2012
Bank of Africa, Kenyas 14th largest bank, saw its net income drop by 21% y/y to KES 221mn (EUR 2.2) in the first half of 2012 as interest costs grew more than three-fold to KES 2.7bn, Business Daily reported. The banks deposits increased by 20% y/y to KES 40.6bn and the loans portfolio expanded by 39% on the year to KES 34.5bn. Bank of Africas interest income was KES 2.05bn higher on the year at KES 2.85bn.

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