Barclays Bank of Kenya chief executive officer Adan Mohammed. The bank's first quarter net profit rose 28.1 per cent helped by increased income from lending to the private sector and the government. File
Barclays Bank of Kenya first quarter net profit rose 28.1 per cent helped by increased income from lending to the private sector and the government.
The bank said net profit stood at Sh1.96 billion in the three months to March compared to Sh1.53 billion in the same period last year.
Its total interest income increased 34 per cent to 5.2 billion shillings, but the rising cost of deposits and reduced transaction charges on loans slowed its total income—which rose eight per cent to Sh6.7 billion.
The performance has seen its trail its rivals Equity Bank and KCB on the profit front—highlighting the importance of regional operations that Barclays bank lacks.
KCB’s net profits rose 36.7 per cent to Sh2.42 billion while Equity rose 13.3 per cent to Sh2.63 billion, making it Kenya’s most profitable lender.
The bank's shares rose marginally to Sh13.05 from Tuesday’s closing price of Sh13, but the results were release at 6.26 pm after the market had closed at 3pm
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