Barclays Bank of Kenya reports 11% increase in net profit
18 November 2014, 11:51
Nairobi - The Barclays Bank of Kenya announced a net profit of KES 6.2bn for the nine months ended 30 September, 2014.
The profit represents an 11% growth in net profit compared to the same period last year.
The bank attributed the result mainly due to growth in interest income supported by its strategic focus to grow the balance sheet.
During the period, total interest income grew by 8% to KES 17bn on the back of growth in interest earning assets and better margin management.
The total assets rose by 8% to KES 219bn, and net customer assets increased by 9% to KES126bn.
The bank also saw an 11% growth in customer deposits to KES153bn while the capital adequacy ratio remained solid at 16.5% against a regulatory limit of 14.5%.
Commenting on the results, the bank’s Managing Director, Jeremy Awori said their growth in profit was boosted by the successful execution of our business agenda coupled with steady balance sheet growth which will deliver future income to the bank.
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“This was in turn complemented by prudent cost management and an acceleration of our innovations agenda.
“In addition, new market firsts such as the Zidisha Bonus Savings account and the ZidishaSalo bundled account, which includes features such as retrenchment cover and unsecured lending of up to KES6m, have helped to augmentour competitive edge,” he said.
These innovations are a demonstration of our stated purpose as a bank which is to help people achieve their ambitions in the right way, Awori added.
He concluded by saying that Barclays Bank of Kenya’s focus for 2014 is about accelerating growth and based on these numbers and the sound fundamentals which they continue to deliver, they are confident that their plan to become one of Kenya’s top three banks by revenue by 2016 is on track.
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