Barclays Kenya's 9-month pre-tax profit edges down 2 pct
22 November 2013, 11:14
Nairobi - Barclays Bank of Kenya has posted a 2 percent decline in nine-month pretax profit to 9.10 billion shillings ($105.5 million), curbed by a fall in non-interest income.
The lender, which is controlled by Britain's Barclays , bucked the trend among big banks in the country, who have posted single- to double-digit growth in earnings for the period.
The increased profitability for the other banks was mainly driven by a drop in interest rates, which boosted demand for loans and cut interest expenses on deposits, as well as good performances in regional subsidiaries such as Rwanda.
Barclays Kenya said in a statement on Friday its net interest income went up by 4 percent to 14.04 billion shillings but the gain was offset by a 2 percent fall in non-interest income and a slight jump in costs.
Earnings per share inched up to 1.15 shillings from 1.03 shillings in the year-ago period, the bank said.