advertisement

Corporate

Jump in bad loans provision cuts Barclays profit 6pc

Barclays Bank branch on Muindi Mbingu Street in Nairobi. PHOTO | FILE
A Barclays Bank branch on Muindi Mbingu Street in Nairobi. PHOTO | FILE 

A triple jump in loan loss provisions has reduced Barclays Bank of Kenya’s net earnings by 6 per cent in the third quarter ending September 2016.

In audited results published in the local dailies on Wednesday, the bank’s loan loss provisions went up more than three times to Sh3.1 billion from Sh986 million last year.

A further six-fold jump in directors’ emoluments to Sh96.8 million contributed in reducing the bank’s net earnings to Sh6.06 billion from last year’s Sh6.4 billion.

The drop in profits was reflected in the earnings per share which experienced a marginal fall to Sh1.12 from Sh1.18 in the same period last year.