Barclays Bank rakes in ksh4.6b half year profit.

Barclays Bank rakes in ksh4.6b half year profit.

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Barclays Bank on Thursday announced a record 8 per cent increase in its profit after tax to Sh 4.6 billion for the period ending June 30.

The bank realized Sh4.2 billion net profit in the same period last year.

Mr Jeremy Awori, the Bank Managing Director attributed the performance to the new financial streams that included selling of insurance products and introduction of charges for use of its ATMs.

“The launch of the Barclays mortgage centre in the first half is already yielding positive results for the bank. As at June, the value of mortgage applications recorded was almost double what the bank recorded during the whole of 2014, On its part Bancassurance shows promise and we expect it will be a major contributor of our non funded income line within the next 2-3 years”  Mr Awori said.

Total assets grew by 10 per cent to Sh235 billion compared to Sh213 billion in the same period last year.

The bank also witnessed a 10% growth in customer deposits which reached 163 billion shillings compared to last year where the figures read 148 billion shillings.

The Barclays Bank Board recommended  an interim payment of 20 percents dividend per every share.

Mr Yusuf Omari, the bank’s chief financial officer added that the tax credit realized by the bank had further boosted the half year financial results.

“We had tax credit which improved our effective tax rates,” he said.

The bank plans to roll out a strategy of attracting the small and medium enterprise after setting aside Sh30 billion for lending to these enterprises.

This will involve signing an LPO financing for women, youth and persons with disability.

 

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