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Barclays Posts 6.17 Billion Profit Ahead Of Transition To Absa

BY Soko Directory Team · November 21, 2019 01:11 pm

The transition of Barclays Bank of Kenya (BBK) to ABSA has used up 910 million shillings and is 80 percent complete, according to reports from the lender.

As Barclays bank prepares to totally rebrand to ABSA in the next few months, it has been able to achieve a number of things ranging from sectors of investments to profits gained.

According to BBK reports, in nine months to 30th September 2019, the bank had invested in technology and brand modernization to create an enhancement of service experience.

In terms of profits, Barclays Bank recorded a 14 percent growth of 6.17 billion shillings after tax for Q3 2019, from 5.43 billion shillings gained for Q3 2018.

For the nine months, the bank’s loans and advances for customers recorded a nine percent increase to hit 194.2 billion shillings.

Of the 194.2 billion shillings loan, Barclay’s mobile app ‘Timiza’ users, who are estimated to be 3.8 million, borrowed a total of 17 billion shillings.

There was a 50.9 efficiency ratio brought by revenue growth and a 5 percent reduction in total costs to in operating expense to 12.6 billion shillings.

According to Barclays bank, Q3 2019 performance is as a result of the growth in total deposits, which increased by seven percent to hit 235 billion shillings from 220.2 billion shillings I the same period under review in 2018.

READ ALSO: Barclays Bank Adopts Technology to Clear Cheques On The Same Day

 

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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