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Corporate

M-Shwari fees raise CBA profit 52.7pc to Sh3.9bn

Commercial Bank of Africa Centre in Upper Hill, Nairobi. PHOTO | FILE
Commercial Bank of Africa Centre in Upper Hill, Nairobi. PHOTO | FILE 

Commercial Bank of Africa (CBA) on Thursday announced that net profit for the nine months to September had jumped 52.7 per cent, the fastest growth rate by a tier one lender during this period.

The privately-owned lender said its quarter three after-tax profit stood at Sh3.9 billion compared to the Sh2.56 billion it recorded during a corresponding period last year.

CBA’s earnings were significantly boosted by income from fees charged on its mobile loan offering M-Shwari, interest income from loans, as well as government securities.

“The growth was powered by strategic investments on our IT and a service delivery environment that is beginning to pay off,” said Isaac Awuondo, group managing director.

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