News Column

Barclays net profit falls 12.7pc

February 6, 2014

David Herbling -1

Barclays Kenya 's after tax profit has dropped by 12.7 per cent last year weakened by a one-off payment for early retirements. The Nairobi bourse listed lender reported a net profit of Sh7.6 billion in the year ended December 2013 compared to Sh8.7 billion a year earlier. Barclays' total costs grew 9.1 per cent to Sh15.5 billion impacted by the Sh788 million the lender spent in voluntary retirement cost last year. The one year period saw Barclays' interest income grow slightly to Sh18.5 billion up from Sh18.1 billion while non-interest income slid to Sh9 billion from 2012's Sh9.2 billion. The bank's loan book grew 14 per cent to Sh118 billion driven by increased consumer and corporate lending. Barclays will pay a final dividend of Sh0.50 a share to add to the Sh0.20 interim dividend pay to bring total pay-out to Sh0.70. Barclays Kenya stock was on Thursday quoted at Sh16.00 on the NSE at 0750 GMT , a drop of 5.6 per cent on Wednesday's closing price.


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Source: Business Daily (Kenya)


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