Barclays Bank Kenya reports 2018 pre-tax profit rise

Barclays Bank

Barclays Bank Kenya reported yesterday that its pre-tax 2018 profit rose to Ksh 10.65 billion from Ksh 10.36 billion a year earlier, bolstered by higher non-funded income.

The bank, which is part of South Africa’s Absa Group, said its profit after tax rose to Ksh 7.416 billion from Ksh 6.926 billion in 2017 with lending standing at Ksh 10 billion.

Non-funded income rose 15 per cent to Ksh9.7 billion with net interest income increasing 1 per cent to Ksh 21.99 billion. The bank added that its total assets rose to Ksh 325 billion shillings from Ksh 271.77 billion the previous year, while net loans and advances increased 5 per cent to Ksh 177.35 billion.

Last March, the bank said it wanted to attract at least five million new customers over five years through its digital platform that includes mobile phone-based lending. By the end of last year, the bank’s chief executive Jeremy Awori said they were well on their way to achieving this target, having already added 3 million new customers by the end of last year, up from 300,000.

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