March 11, 2019 / 6:17 AM / 14 days ago

Barclays Bank Kenya says 2018 full year pre-tax profit rises to 10.65 billion shillings

NAIROBI (Reuters) - Barclays Bank Kenya said on Monday its pre-tax profit in 2018 rose to 10.65 billion shillings from 10.36 billion shillings a year earlier, bolstered by higher non-funded income.

It said its profit after tax rose to 7.416 billion shillings ($74.50 million) from 6.926 billion shillings in 2017

Non-funded income rose 15 percent to 9.7 billion shillings and net interest income increased 1 percent to 21.99 billion shillings, the bank said.

Barclays Kenya, part of South Africa’s Absa Group, said its total assets rose to 325 billion shillings from 271.77 billion shillings in 2017, while net loans and advances increased 5 percent to 177.35 billion shillings.

The bank had said in March last year it wanted to attract at least five million new customers over five years through its digital platform that includes mobile phone-based lending.

Jeremy Awori, its chief executive, said the bank had already added 3 million new customers by the close of 2018 from 300,000 customers in March, with lending standing at 10 billion shillings at the close of the year.

Reporting by George Obulutsa; Editing by Shreejay Sinha

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