Bank of Africa’s profits grow 33% to UGX20 bn, backed by education, construction & trade lending

Bank of Africa Uganda has released their 2019 results, reporting a 33per cent increment in net profit on the bank of double-digit growth in lending. “Client lending activity remained strong with loans and advances growing by 15per cent over 2018, from UGX 344.1 billion in 2018 to UGX397.1 billion in 2019); largely to small and medium enterprises (SMEs). We upheld our goal of committing funds to the biggest impact areas of our economy – education, trade, manufacturing, and construction,” said Mr. Arthur Isiko, the bank’s Managing Director, in a note accompanying the published results. “In line with our agenda for…