Bank of Africa Tanzania Reports 43% Decline in Its Second-Quarter Profit

Bank of Africa Ltd.’s Tanzanian unit said its second-quarter profit declined 43 percent as non- interest expenses increased.

Net income fell to 273 million shillings during the three months to June 30 from 475 million shillings a year earlier, Bank of Africa Tanzania Ltd. said in a statement published in the Daily News newspaper today.

Non-interest expenses increased to 4.6 billion shillings from 3.5 billion shillings, the Dar es Salaam-based lender said. Net interest income, the money banks make from lending, rose to 3 billion shillings from 2.4 billion shillings, it said.

To contact the reporter on this story: David Malingha Doya in Johannesburg at dmalingha@bloomberg.net

To contact the editor responsible for this story: Alastair Reed at areed12@bloomberg.net

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