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Barclays Kenya reports Sh5.4b profit in Q3

NAIROBI, Kenya, Nov 22 – Barclays Bank of Kenya has reported a profit of Sh5.4 billion for the period ended 30 September 2018, and operating profit of Sh10.5 billion a growth of 5pc compared to a similar period last year.

The performance is mainly attributable to a 6pc growth in total income but was partially offset by growth of 6pc and 21pc in costs and impairment, respectively.

Customer deposits grew by 10pc to Sh220 billion with transactional accounts constituting 66pc of the total deposits.

The Consumer Banking and Business Banking segments recorded double-digit growth year on year.

Net Customer Loans was up 7pc to close at Sh178 billion driven products across board that recorded a strong growth year on year performance.

The Bank’s deployment of excess funding was underpinned by investment in government securities & dealing securities book which increased to Sh103 billion.

As a result of successful investments and execution of our growth strategy, total income increased by 6pc to Sh23.9 billion, with non-funded income up 14pc year on year.

The Bank’s average loan loss ratio stood at 2.1pc and Net NPL stood at 2.4pc while the statutory provisions remained nil; an indication of adequate provisioning way above the regulatory guidance.

“Barclays Kenya is well positioned for the future as underpinned by our new 5-year strategy which is focused on driving Growth, Transformation and Returns,” said Jeremy Awori said.

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