Identité BOA

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Etats Financiers 2018 BOA-KENYA

In the year ended 31 December 2018, the Bank recorded a net profit of KES 173 million compared to a net profit of KES 68 million as at 31 December 2017, (151%) increase. The profit is primarily due to:
• Reduced interest expense Y.o.Y at KES 2.2B as at 31 December 2018 against KES 2.8 billion in December 2017 attributed to efforts made by the bank in getting rid of expensive deposits. Swap costs and interest payments on long-term borrowings equally reduced to KES 603 million in 2018 from KES 1B in 2017.
• Reduced loan loss provisions of KES 404 million in 2018 compared to KES 768 million the previous year.
• Operating expenses reduced to KES 2,284 million in 2018 compared to KES 2,637 million in 2017 mainly due to reduced staff costs, reduced occupacy

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