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[2008-08-11] Barclays makes Sh4.3 billion pre-tax profit
Barclays Bank of Kenya has announced a 21 per cent growth in pre-tax profits for the half year ending June 30, 2008.
The bank recorded Sh4.3 billion profit compared to Sh3.5 billion for the same period last year.
Its total income jumped 35 per cent to Sh11.6 billion from Sh8.6 billion, while customer deposits surged 23 per cent to Sh128.8 billion from Sh105.3 billion in the same period.
Managing Director, Mr Adan Mohamed, attributed the performance to investments undertaken in 2007 and which are now paying off.
"More than 70 per cent of the branches that we opened last year have broken even," Adan told an investor briefing in Nairobi yesterday.
The bank’s loans and advances grew 30 per cent to Sh106.7 billion from Sh82.3 billion, while total operating expenses advanced 46 per cent to Sh6.5 billion from Sh4.5 billion in the same period.
Adan attributed the rise in costs to the bank’s massive expansion programme that had seen it set up 52 new branches, 129 additional automated teller machines (ATMs) and a 226 per cent growth in headcount.
"Barclays is continuously looking for ways to enhance its products and services to ensure it meets the evolving needs of its customers—this is key to our strategy," he said.
The bank’s board of directors approved an interim dividend of Sh0.50 per share.
