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.