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Barclays Bank profit falls 14 percent

06 February 2014, 10:11

Nairobi - Barclays Bank of Kenya reported on Thursday a 14 percent drop in its pretax profit to 11.13 billion shillings for 2013, after expenses climbed and provisions for bad loans jumped.

The bank cut its dividend per share to 0.70 shillings from 1 shilling in order to build up capital in line with the central bank's new requirements, Chief Financial Officer Yusuf Omari told a news conference to announce the results.

Although total income last year rose 2 percent to 27.92 billion shillings, he said total costs climbed 9 percent to 15.57 billion shillings, while provisions for loan losses soared 747 percent in the period.

The bank said the sharp jump in provisions was because the bank managed to recover $1 billion from its bad loans portfolio in 2012, a one-off recovery that was not repeated in 2013.

"Excluding the one-off recoveries, the impairment charge would be in line," Omari said.

- Reuters


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