Barclays Kenya Reports 2% Growth in Q3 Earnings

Barclays Bank of Kenya has reported a 2% rise in profit after tax of Kshs. 5.4 billion for the period ended 30 September 2018.

Total income for the period grew by 6% to Kshs 23.9 billion, with non-funded income up 14% year on year. Loans and advances to customers grew by 7% to Sh 178.4 Billion while customer deposits grew by 10% to Kshs.220 billion with transactional accounts constituting 66% of the total deposits.

Total interest income was up 8% to Sh 21.7 Billion while total interest expenses increased 30% to Sh 5.2 Billion. Non-interest income was up 14% to Sh 7.4 Billion.

Gross Non-performing loans were up 22% to Sh 14.6 Billion. The lender increased its investment in Government paper significantly by 30% to Sh 74.6 Billion.

Impairment increased by 21% compared to similar period last year largely attributable to the adoption of IFRS 9.

“In conclusion, Barclays Kenya is well positioned for the future as underpinned by our new 5-year strategy which is focused on driving Growth, Transformation and Returns. We would like to thank all our stakeholders for the support in in the year and remain optimistic in the remaining part of 2018.’ Barclays Bank of Kenya Managing Director, Jeremy Awori, said.