Tighter lending and cutting on interest-earning deposits has helped Bank of Africa (BoA) double its net profit for the six months to June from Sh55 million to Sh114 million.
The lender cut loans from Sh23.5 billion to Sh20.9 billion, reducing bad loans by Sh1.8 billion. As a result, it cut loan loss provisioning from Sh349 million to Sh261 million. As such income from interest on loans declined from Sh1.5 billion to Sh1.1 billion in the period under review.
