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Barclays records 2 percent increase in profit after tax :: Kenya

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Barclays Bank of Kenya Managing Director, Jeremy Awori. [Photo: Standard]

Barclays Bank of Kenya has released its quarter three financial results for the period ended September 3, 2018.

It records Sh5.4 billion profit after tax, an increase of 2 percent with overall income rising to Sh23.9 billion to mark a growth of 6 percent.

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Non-refunded income went north by 14 percent year-on-year. Accumulative interest income rose by 8 percent to mark Sh21.7 billion with the aggregate interest expenses going up 30 percent to Sh5.2 billion.

Gross non-performing loans recorded an upturn of 22 percent to record Sh14.6 billion while Loans issued to customers went up to Sh178.4 billion, a 7 percent increase during the period under review.

Customer cash inflows rose by 10 percent to Sh220 billion with 66 percent involving accumulative deposits from transactional accounts.

The bank’s government paper investment recorded an increase of 30 percent to Sh74.6 billion.

Barclays Bank of Kenya Managing Director, Jeremy Awori said that the bank was transposing itself for the future to enhance economic growth.

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“Barclays Kenya is well positioned for the future as underpinned by our new five-year strategy which is focused on driving growth, transformation and returns,’’ Barclays Kenya MD, said.

In the past quarter ending June 30, Barclays bank of Kenya reported a 6% jump in its profit with its profit after tax hitting Sh3.8 billion.

The bank is in the process of rebranding to ABSA group limited across the 12 African Market.

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Barclays Kenya begins change to Absa brand

 

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