Barclays Bank today announced a pre-tax profit of Kshs12 billion for the full-year 2011, which represents 11 per cent increase from the previous year when it recorded Kshs10 billion.
The bank attributed this strong performance to continued improvement in cost management and better risk profiling of its lending book that grew by over Kshs12 billion during the reporting period.
“We are pleased with outcome of our performance in 2011, which is in line with our sustainable growth agenda and focus on building a solid and resilient business,” said Barclays Bank Managing Director Adan Mohamed.
He said automation and process improvements helped cut costs. He added that the efficiencies will see the bank pass on more benefits to their customers and ultimately create more value for their shareholders.
“As part of our overall citizenship agenda, during the year we made significant social investments, contributing in excess of Kshs156 million to various causes, including Kshs66 million towards financial inclusion programmes and Kshs45 million to drought initiative in the country,” he said.
Following the Bank’s solid performance, the Board of Directors recommended a special dividend to shareholders of Kshs0.60 per share and final share dividend of Kshs0.70 per share.
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