FINANCIALS

Barclays Q1 profits before tax rise by 12%

In Summary

• All business segments recorded double-digit growth in deposits year on year.

Barclays CEO Jeremy Awori on March 28,2018./EZEKIEL AMING'A
Barclays CEO Jeremy Awori on March 28,2018./EZEKIEL AMING'A

Barclays Bank Kenya has reported a profit before tax of Sh2.9 billion during the period, signaling 12 per cent growth compared to a similar period last year.

The performance is mainly attributable to a three growth in total income and three per cent drop in costs. All business segments recorded double-digit growth.

All business segments recorded double-digit growth in deposits year on year, with customer deposits growing by 16 per cent to Sh224 billion while transactional accounts constituting 66 per cent of the total deposits.

Net customer loans and advances grew by nine per cent to close at Sh180 billion driven by key focus products including trade, asset finance, mortgage and scheme loans that recorded strong growth year on year.

Other funding was deployed to investments in government securities and trading that increased by 38 per cent to Sh117 billion.