BBK posts Sh6.4bn net profit in third quarter

November 20, 2015
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ustomer deposits grew from Sh1.97 billion in the same period last year to Sh2.8 billion while loans and advances went up to Sh13.6 billion in the period under review from Sh12.3 billion recorded last year/FILE
ustomer deposits grew from Sh1.97 billion in the same period last year to Sh2.8 billion while loans and advances went up to Sh13.6 billion in the period under review from Sh12.3 billion recorded last year/FILE
NAIROBI, Kenya, Nov 20 – Barclays Bank of Kenya (BBK) has posted Sh6.4billion in net profit in the third quarter of the year ending September 30, 2015 marking a 2.7 percent increase from same period previous year that posted Sh6.2 billion.

Customer deposits grew from Sh1.97 billion in the same period last year to Sh2.8 billion while loans and advances went up to Sh13.6 billion in the period under review from Sh12.3 billion recorded last year.

The firm’s interest income stood at Sh18.5 billion up from Sh17 billion recorded same period last year.

Operating expenses rose by 5.9 percent due to 15 percent rise in staff costs.

Total interest expenses rose to Sh3.3 billion up from last year’s Sh2.2billion.

The bank is yet to announce its intended direction with customer loans given that KCB and Equity Bank opted to shelve plans to increase interest rates for their customers.

Two weeks ago the bank unveiled an agribusiness unit to provide innovative financial solutions throughout the value chain of Kenya’s agricultural sector.

READ: BBK seeks agribusiness customers in new unit

The move is in a bid to align the business to the mainstay of Kenya’s economy, as agriculture contributes over a quarter of the national Gross Domestic Product and 65 percent of Kenya’s total exports.

The sector also accounts for 18 percent and 60 percent of formal and informal employment respectively.

He said the bank will leverage its regional and global reach to benchmark against best practice and develop innovative solutions that will boost the sector’s performance.

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