Barclays reports Sh7.4 billion full year profit

Barclays Kenya Group has reported a Ksh7.4 billion profit for the full year ended December 31, 2018, representing a 7% growth from the previous year when it posted Ksh6.9 billion in net profit.

The lender’s slight uptick in revenue was driven by growth in its loan book with the company’s audited results showing that uptake of loans increased by Ksh8.9 billion to Ksh177.3 billion from the Ksh168.3 billion customers borrowed in 2017.

What’s more, the lender’s growth in profit was also driven by increased customer deposits which increased by Ksh21.4 billion to Ksh207.4 billion from the Ksh185.9 billion customer deposits in 2017.

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Following the lender’s impressive performance, Chairman Charles Muchene says  that the board has approved payment of dividends to be remitted on May 29, 2019.

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“Subject to approval by shareholders, the directors have resolved to recommend to the members at the forthcoming AGM a final dividend for the year of Ksh0.90 per ordinary share of the company to be paid on or about May 29, 2019 to shareholders registered at the close of business on April 30, 2019” says Mr Muchene.