Barclays Bank of Kenya has reported a profit before tax of Kshs. 2.7 billion for the period ended 31 March 2018, a growth of 7.6% compared to the same period last year. The performance is mainly attributable to a 8.5% growth in net interest income and a 26% drop in impairment in the period under review.
Customer deposits grew by 6% to Kshs.193 billion with transactional accounts representing 68% of the total deposits.
The 8.5% growth in Net Interest Income to Kshs 5.5 billion was majorly driven by growth in government securities income which went up by 30%.
The bank posted a 2% drop in Net Customer loans to close at Kshs.166 billion. Key focus products mainly in the Retail and Business banking segment recorded strong year on year growth. Customer deposits grew by 6.5% to Sh 193.3 Billion while Gross Non Performing Loans increased by 7.8% to Sh 12.6 Billion.
“In the quarter under review, we launched some exciting propositions such as Timiza, Signature Credit Card, La Riba Asset Finance, in line with our new growth strategy which is focused on building an efficient, customer-obsessed and digitally-led organisation. These products are recording impressive uptake with Timiza having crossed 1.2 million customers within less than two months,” said Jeremy Awori, Managing Director, Barclays Bank of Kenya.
Barclays recently unveiled a new 5-year strategy that aims to transform the bank into an even more competitive and dominant market player. The new “Strategy 2022″, formulated by ex-Wall Street Investment Banker Moses Muthui, aims to make the bank completely digital with a clear focus on virtual banking.
