Barclays profit increases five times in second quarter

DAILY NEWS Reporter

BARCLAYS Bank Tanzania net profit has increased by over five times in quarter two thanks to non-interest income. The bank, according to financial statement, posted a net profit of 4.3bn/- in Q2 of this year up from 0.82bn/- in Q2 of last year.

The statement issued yesterday mainly attributed the profit to non-interest income that almost pushed up by foreign currency dealings and translation gains.

The non interest incomes generated 11.9bn/- in three months to June against 7.9bn/- realised in the corresponding quarter last year.

Also the bank’s assets growth registered 13.8 per cent to 888.25bn/- in second quarter compared to negative growth of 2.6 per cent posted on the first three months of this year.

The earning assets to total assets grew by 89.4 per cent compared to 87.0 per cent. Loans, advances and overdrafts increased to 401.4bn/- in Q2 compared to 352.7bn/- dished out in Q1.

The loans provision extended to various groups in the society has benefitted the economy.

To achieve high results in their businesses and investment, Barclays Bank Tanzania has been committed to train small and medium enterprises (SMEs) in order to broaden skills on financial management and development.

The trainings have been providing platform for SMEs enhancing knowledge of how to conduct their businesses more profitably and also empower customers to broaden their understanding.

The knowledge acquired by SMEs help them to configure business plans and strategies for promoting trade, how to put records, and good ways of borrowing.

Also to reach more SMEs customers across the country, Barclays recently launched business internet banking for customers to enable them transact and receive money at their fingertips. Barclays Tanzania joined the rest of Barclays Africa subsidiaries in the process to change its name to Absa as the group goes back to its South African roots after a change in shareholding.

The name change, which took place concurrently across all Barclays Africa Group subsidiaries, comes almost a year after the London-based Barclays sold most of its controlling stake in Absa to end more than a century of the British bank’s involvement in Africa.

Apart from Barclays Tanzania, other subsidiaries to be changed include Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Uganda and Zambia