Nairobi — Bank of Africa pretax profit for the first three months of the year rose to Sh9.6 million, from Sh218,000 last year.

In a statement, the bank's managing director Philippe Leon-Dufour said the profit was modest compared to other commercial banks he was happy with the positive trend in the face of stiff competition.

"Our current first trimester results indicate that we are truly on the path to a major profitability," he said. Its total income from interest on loans and advances as well as government securities grew from Sh103.1 million in March 2006 to Sh128.9 million this year.

Bank of Africa, which has four branches in the country, saw its customer deposits increased from Sh4.5 million to Sh5.2 million.

Mr Leon-Dufour said the bank plans to establish a strong presence in the East African market. Last year, the bank opened its fourth branch on Uhuru Highway.

Bank of Africa is an international banking group well established in Benin, Madagascar, Mali, Niger, Burkina Faso, Ivory Coast, Senegal and recently in Uganda.