Barclays Kenya Q1 2017 Pre-Tax Profit Declines, Customer deposits Grow

Barclays Bank Kenya CFO Yusuf Omari during the Full Year 2016 Results Release

Barclays Bank has made public its Q1 2017 results as profit before tax decreased 17.2% to Ksh 2.5 Billion compared to Ksh 3. Billion posted in the same period in 2016.

Customer deposits grew 7.5% to a massive Ksh 182 Billion and was up 1.9% quarter on quarter from Ksh 178 Billion as of December 2016 while net interest income decreased 7.1% to Ksh 5 Billion vs Ksh 5.4 Billion in Q1 2016.

Non-interest income grew to Ksh 2.4 Billion in Q1 2017 from Ksh 1.8 Billion reported in December 2016 as cost of customer deposits was unchanged at 2.6%.

Loan loss provisions declined by 3% to Ksh 774.7 Million, down 2.1% quarter on quarter. The Bank’s loan book grew by 11 percent year on year as gross NPLs increased by 48.4% over the same period.

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