Africa: Bank of Africa Profit up 74pc On Cost Cutting

Bank of Africa, which shut down 12 branches and laid off staff last year, has posted a 74 per cent growth in after-tax profit to hit Ksh55.2 million ($547,000) for the six months ended June 2018.

Despite interest income dropping by 14 per cent to Ksh1.87 billion ($18.5 million) compared to Ksh2.18 billon ($21.6 million) in a similar period last year, the lender cut its operating expenses by 22 per cent, helping it grow its bottom-line.

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