This is not news!
Any bank that has made a loss will be the subject of discussion and speculation. Never mind last yr was a difficult yr n most banks reported significant increment in bad loans. So you set aside part of your profits to cater for such loans until they are recovered n hence a loss/profit dip should be a normal outcome of any sound business.
What differentiates BOA from the rest is that its a PanAfrican Bank (BOA GROUP) and better still, an international group (BMCE).Subsidiaries of other Pan African banks like Eco bank and UBA have made losses for many years and yet they are OK. That's the strength of a group. FYI, BOA is way larger than even KCB and has prescence in 18 African countries plus France while BMCE, the parent owner with 75% ownership is among the largest in Africa.
What is the common factor in the banks under CBK met? Yes.... its poor CORPORATE GOVERNANCE!! Dubai Bank, Imperial Bank, Chase Bank all had one thing in common: Blatant disregard of best practice, credit procedures, accounting principles, Central bank regulations….and no offence but there are all dukawallahs!
BOA is a highly regulated bank where corporate governance is protected and preserved both at local level and at Group level.
Social media is here to stay and has enough space for facts....