Corporate Banks Profit Despite Bad times

I thought it would be helpful to continue this thread started under delusional economics under a new Board, since the debate in Capitalism is deliberately kept divided by media, academia  and think tanks. It remains divisively focused on failures on the part of Coporations (democrat/progressives) Versus Government (Republicans/conservatives).

Banking sector today still holds onto the colonnial money paradigm of invisible exploitation of the people and global financial imperialism via debt-based money, fractional reserve system of creating credit and usury (compound interest).

Just came across this News report from AFRICA

Africa: Bank of Africa Pretax Profit Grows to Sh9.6m

The Nation (Nairobi)

29 May 2007
Posted to the web 29 May 2007

Nation Correspondent
Nairobi

Bank of Africa pretax profit for the first three months of the year rose to Sh9.6 million, from Sh218,000 last year.

In a statement, the bank's managing director Philippe Leon-Dufour said the profit was modest compared to other commercial banks he was happy with the positive trend in the face of stiff competition. “Our current first trimester results indicate that we are truly on the path to a major profitability,” he said. Its total income from interest on loans and advances as well as government securities grew from Sh103.1 million in March 2006 to Sh128.9 million this year. 

Bank of Africa, which has four branches in the country, saw its customer deposits increased from Sh4.5 million to Sh5.2 million.  [note growth in profit vs customer deposit].

Mr Leon-Dufour said the bank plans to establish a strong presence in the East African market. Last year, the bank opened its fourth branch on Uhuru Highway.

Bank of Africa is an international banking group well established in Benin, Madagascar, Mali, Niger, Burkina Faso, Ivory Coast, Senegal and recently in Uganda.