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Barclays Bank Kenya half year profit up 6pc to Sh.3.8b

During the period, total Income increased by 5pc to Kshs 15.7 billion.

NAIROBI, Kenya, Aug 14 – Barclays Bank of Kenya has reported a profit after tax of Sh3.8 billion for the period ended 30th June 2018, a growth of 6 per cent compared to a similar period last year.

During the period, total income increased by 5 per cent to Sh15.7 billion while net interest income posted a 4 per cent increase mainly driven by growth in government securities book which grew by 62 per cent.

Customer loans were up 8 per cent to close at Sh176 billion driven by Scheme Loans, General lending, trade and Mortgages.

During the same period, customer deposits grew by 15pc to Sh217 billion with transactional accounts constituting 66pc of the total deposits.

The Bank’s average loan loss ratio stood at 2pc from 1.7pc in 2017 while Net Non-Performing Loans ratio grew to 3.2pc from 2.3pc in 2017

Meanwhile, Barclays Kenya expects to incur branding, real estate and transition expenses as it aligns to the Absa Group identity within the next two years

“In order to ring-fence the one-off costs during this period, we have adopted the normalisation principles to reflect the true business performance,” reads a statement from Barclays Bank Kenya.

The bank also launched Timiza, a mobile banking app, which has hit 2 million customers since it was launched four months ago.

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