Barclays registers 18% increase in pre-tax profit

Barclays Bank of Kenya has announced an 18% before tax increase for the half year that ended on 30th June 2012.

The Bank also registered a total income which was up 10%, majorly driven by strong growth in net income.

There was a marginal increase in loan loss provisions but still at below 1% of loans and advances. Net lending to customers shot by 10% ending at KES 101 Billion while return on equity rose to 33% compared to 27% same period last year.

Earnings per share were up 18% at Kshs 0.79 compared same period last year. The Board of Directors approved an interim dividend of Kes 0.3 per share, a 50% improvement compared to last year’s pay-out.

Barclay’s MD Mr Adan Mohamed announced the results at an investors’ briefing session in Nairobi attributing the results to the banks plan to maintain growth momentum over years.

“The commendable results arise from the bank’s ability to continue with its sustainable growth momentum achieved over the years. We continue to grow on all lines of income while managing costs efficiently through investment in technology and improved productivity,” said Adan.