This archive report was first published on 22 August 2019.
On August 22, 2019, Commercial Bank of Africa (CBA) announced a flat half-year earnings of Sh2.36 billion, despite a 2.87 percent jump in net profit.
The lender's net profit rose to Sh2.36 billion in the half-year ended June, compared to Sh2.29 billion in the same period last year.
Its total interest income jumped 1.85 percent to Sh9.81 billion, while non-interest income dropped 1.85 percent to Sh5.2 billion.
CBA's loan book expanded by Sh6.89 billion or 5.7 percent to Sh120.2 billion in the period from Sh113.79 billion the year before.
Provisions for bad loans went down by 82.2 percent to Sh285.5 million from Sh1.61 billion last year, highlighting improving asset quality.
However, the bank's volume of gross non-performing loans rose by 6.83 percent, which is the equivalent of Sh778.1 million to Sh12.16 billion during the period under review.
CBA is awaiting approvals from regulators for its planned merger with rival NIC Group, which will set the stage for the creation of Kenya's third-largest lender by assets.
