In 2016, BANK OF AFRICA - KENYA (BOA-KENYA) recorded a net profit of KES 10.4 million compared to a net loss of KES 1,023 million in 2015. The key drivers of the improved 2016 performance were as follows:
- Balance sheet shrinkage so as to let go of relatively expensive liabilities and assets whose return was below expected threshold.
- Improved asset and liability management leading to reduced cost of funds.
- Stringent management of the asset portfolio with close follow up leading to improved recoveries as well as prevention of further deterioration of the assets.
- Improved fees and commissions from branch operations following growth in account numbers and new electronic products such as e-customs, i-Tax and enhanced mobile banking.