News Column

CBA Profit Plunges in First Half

August 31, 2014

Constant Munda

COMMERCIAL Bank of Africa Group posted a 16.2 per cent decline in half-year 2014 net profit to Sh1.24 billion, it said in financial statement published Thursday.

The largest privately owned lender earned Sh3.25 billion net interest, a slim 8.3 per cent jump over the first half of 2013, after its loan book expanded by Sh29.29 billion or 51.3 per cent to Sh86.37 billion.

Deposits reached Sh122.09 billion - a 31 per cent jump. CBA did not give reason for the drop in profits.

Another medium-sized lender I&M Holdings nonetheless recorded a modest 9.6 per cent cent rise in net earnings to Sh2.62 billion, with interest income touching Sh4.96 billion up from Sh4.14 billion a year ago.

I&M, that announced its Mauritian subsidiary completed transfer of a 50 per cent stake in Mauritius'Bank One to its stable last Friday, said its loan book soared 21.6 per cent per cent to Sh102.10 billion.

Deposits improved by Sh9.29 billion to Sh106.22 billion compared to 12 months earlier.

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Source: AllAfrica

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