Barclays Bank Announces A Profit After Tax $47.7 Million – 13% H1 Growth
Yesterday, Barclays Bank of Kenya announced a profit after tax of Ksh.4.2 billion ($47.7 million) in H1 profit for the trading period ending June 30th. This represents a 14% profit growth compared to the same trading period last financial year.
The increased profit margin, according to the Bank has been attributed to the 20% growth in customer loans that rose from Ksh.107 billion ($1.216 billion) to Ksh.128 billion ($1.455 billion).
Jeremy Awori, Barclays Bank of Kenya Managing Director, said, “The banking industry is currently undergoing unprecedented disruption resultant from a highly dynamic market environment. We have, therefore, amplified our innovations agenda and augmented it with game changing products and services such as the Salary Retrenchment Cover and the Zidisha Bonus Savings account in order to maintain our competitive edge.
We are implementing a three-year strategy whose goal is to make Barclays one of the top 3 banks in Kenya in revenues. To achieve this, we are refocusing our efforts on key transformational projects such as the recently concluded Eurobond in order to sustain a good performance.
Additionally we have set up an Investment Banking arm which allows us to diversify into transactional services such as debt and equity capital markets, as well as mergers and acquisitions.”
Kenya’s real estate market is currently experiencing a shortage in terms of customer demand being met by supply. Barclays Banks plans to enter the housing acquisition market by setting up a Mortgage Centre and an Asset Finance Centre of Excellence, which will enable the Bank to meet the huge demand in these two lines of business.
Through the Asset Finance platform, Barclays Bank will be able to grow its market share in this business line. The announcement of the Bank’s profit comes just a day after it announced the appointment of three more women to its Board, bringing the total number of women sitting on the Board to five. To read about these appointments featured in our Fem Geek section click here.