IMPROVED

Barclays profits up three per cent

In Summary

•The bank has invested over Sh561 million towards key modernisation projects as part of its ongoing transition to Absa

Barclays Bank chief executive Jeremy Awori during the celebration of the bank’s 100 years in Kenya on February 12
Barclays Bank chief executive Jeremy Awori during the celebration of the bank’s 100 years in Kenya on February 12
Image: ENOS TECHE

Barclays Bank of Kenya has reported a 3.19 per cent increase in net profit to Sh3.88 billion owing to higher income and reduced operational costs.

In a statement to the press, the lender said it had invested over Sh561 million towards key modernisation projects as part of its ongoing transition to Absa.

“Our transition journey to Absa has now gained momentum and is about 65 per cent complete. We are making significant investments in technology, branch modernisation and branding, which will ultimately enable us to give our customers a better banking experience,” Barclays Kenya managing director Jeremy Awori said.

During the review period, customer loans and deposits grew six per cent to Sh187 billion and Sh230 billion respectively.

The bank’s total assets grew 12 per cent year on year driven by increased investment in government securities as well as other liquid assets.

“Our strong results today are a testament that we are making good progress in the execution of our strategy and that our efforts to provide cutting-edge financial solutions to our customers are paying off,” Awori said