Barclays weathers 2011 turbulence

Barclays Bank of Kenya has posted an 11 percent rise in underlying profit to Sh12 billion for the full year ended December 2011.

The bank’s gross profit however declined by 11.36 percent to Sh12 billion as did profit after tax which dipped from Sh10.5 billion in the corresponding period in 2010 to Sh8.07 billion.

“The income number has grown by just over one percent (Sh26.3 billion), this is despite our balance sheet growth (loans and advances) from Sh87 billion to Sh99 billion which happened in the second half of the year and the benefit of that revenue growth is likely to come in 2012,” explained Managing Director Adan Mohammed.