Barclays Bank of Kenya Managing Director Jeremy Awori speaking at a past
event. Barclays Bank on November 20, 2015 announced it had recorded a
3.2 per cent growth in profit after tax to Sh6.4 billion for the
nine-month period ended 30 September. FILE PHOTO | NATION MEDIA GROUP
Barclays Bank Wednesday announced it had recorded a 3.2 per cent
growth in profit after tax to Sh6.4 billion for the nine-month period
ended 30 September, compared to Sh6.2 billion recorded in the same
period last year.
The lender said the marginal growth
was driven by a 10 per cent year-on-year increase in net customer assets
with growth mainly coming from its retail and SME bank segments.
“Barclays
has in the last nine months introduced banking solutions meant to
support the growth of Kenya’s growing SME sector,” said Managing
Director Jeremy Awori.
He said the initiatives and the
upward review of the unsecured lending cap to Sh6 million had helped to
position the bank competitively in the SME sector.
Its
total interest income rose by 9 per cent to Sh18.5 billion on the back
of growth in interest earning assets while net customer assets increased
by 10 per cent to Sh139 billion compared to Sh126 billion in 2014.
Customer
deposits, on the other hand, increased by 4 per cent to Sh159 billion
compared to Sh153 billion in the same period in 2014.
Mr
Awori said in a statement that turbulence at the macroeconomic level
arising from fluctuation of the local currency, and high interest rates
with the 91 day T-Bill reaching a high of 22 per cent in the last few
weeks, had impacted on the bank’s interest expense.
Net interest income increased to Sh15.2 billion up from Sh14.7 billion in the same period last year.
It
was, however, affected by a 45 per cent rise in interest expense
arising from an increase in cost of funds in the market, he said.
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