Barclays Bank of Kenya Ltd became Kenya’s first Tier one bank to report a drop in nine-month profit as it tripled loan-loss provisions and bad loans surged.
The bank announced a 4.4 percent drop in its pretax profit to KSH8.7 billion shillings.
The bank partially owned by Barclays Plc’s Africa unit posted profit of 6.06 billion shillings ($59.5 million) in the nine months through September, compared with 6.4 billion shillings a year ago.
The lender set aside 3.14 billion shillings for bad credit, three times more than the year-earlier period, as non-performing loans jumped 49 percent to 10.4 billion shillings.