Bank of Africa(BoA) Kenya Limited has recorded an increase in net earnings for the nine months of this year to KSh 100.6 Million from KSh 62.5 Million over a similar period last year.
The West African-based lender increased the size of its balance sheet from KSh 43.1 billion in 2018 to KSh 43.8 billion at the end of Q3, 2019.
While BoA‘s earnings rose, its Interest income fell from KSh 2.6 billion to KSh 2.2 billion. Earnings from loans and advances as well as Government securities declined significantly.
Customer deposits increased from KSh 510. 8 million to KSh 883.4 million at the end of the third quarter of this year. Net non-performing loans exposure fell significantly from KSh 1.5 billion to KSh 520.8 million during this period.
Net loans and advances to customers decreased from KSh 23 billion to KSh 21.6 billion at the end of Q3 2019.
BOA Kenya is a subsidiary of Bank of Africa Group — part of BMCE Bank of Africa Group.
