Commercial Bank of Africa (CBA) has reported a profit increase of 47.1% for the six month period ending June 30th 2012. The bank made a profit before tax of KES 2.00 billion up from KES 1.36 billion the same period last year. The bank paid interest on customer deposits amounting KES 2.3 billion up from KES 397 million in the same period last year.
The lender which has reportedly raised KES 1.5 billion($18 million) from holders through a private placement increased customer deposits for the half year period to KES 66.753 billion from KES 55.567 billion the previous year. The bank issued loans and advances amounting to KES 3.09 billion up from KES 1.63 billion.
CBA, which has operations in Tanzania, plans to use the raised funds to expand into neighboring Uganda upon approval of its license. The bank also intends to expand into Rwanda and Burundi next year, the Business Daily reported.