Barclays bank has recorded an 8% increase profits after tax in its half year trading period ending June 2015.
The bank's net profit rose from 4.2 billion shillings in June 2014 to 4.6 billion shillings as of June 2015.
‘This growth has been witnessed by dedicating our resources to improve our systems and processes. We have invested further in our infrastructure and sales capability as a way of getting new clientele.We are focused to execute strategies for sustainable growth,’ says Jeremy Awori the CEO for Barclays bank.
During the official release of the results Chief Financial Director Yusuf Omari confirmed a 10% growth in consumer banking.
‘This is as a result of the products we offer like lending of money and also emphasis we have made on mortgage and asset based financing’.
‘The launch of the Mortgage Centre in the first half year is already yielding positive results for the bank. As at June, the value of Mortgage applications recorded was almost double what the bank recorded during the whole of 2014. On its part Bancassurance shows promise and we expect it will be a major contributor of our non funded income line within the next 2-3 years,’ explains Awori.
The bank is also rolling out a robust SME strategy to enable it play a bigger role in the development of this important sector of the economy and the bank has set aside a 30 billion shillings kitty to lend to local enterprises.
The bank also witnesses a 10% growth in customer deposits which reached 163 billion shillings as compared to last year where the figures read 148 billion shillings.