(Last Updated On: June 2, 2016)
Barclays Kenya posted a 3.1% growth in net profit for the first quarter of 2016. The slow rise was due to the doubling in its provisions for non-performing loans.
After tax profit stood at Ksh2.18 billion while loan loss provision had gone from Ksh352m to Ksh798m. Loan book grew by 21.7%, interest income was up by 5.4% to Ksh5.4bn and non interest revenue grew by 15.4%, higher than most tier-1 banks. Gross non performing loans grew by 30.4% to Ksh7.9 billion.
The staff costs of the bank stood at Ksh2.45bn while rental charges rose to Ksh323.9m. Operating income rose from Ksh7.37bn to Ksh7.99bn while total operating expenses was also up from Ksh4.95bn from Ksh4.25bn.