Barclays Kenya full-year profits flat

Friday March 4 2016

Barclays Bank CEO Jeremy Awori during the media briefing announcing the bank's half year results on August 13, 2015. Commercial banks and fund managers are foreseeing a sharp rise in short-term interest rates as the government faces a huge bill of maturing debt. PHOTO | DIANA NGILA | NATION MEDIA GROUP

Barclays Bank CEO Jeremy Awori during the media briefing announcing the bank's half year results on August 13, 2015. PHOTO | DIANA NGILA | NATION MEDIA GROUP 

By BRIAN NGUGI
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Barclays Bank of Kenya’s 2015 full-year net profit was almost unchanged at Sh8.4 billion from Sh8.38 billion in 2014.

Barclays Bank chief executive Jeremy Awori attributed the flat performance to a volatile money market environment in the third quarter of last year.

The bank also said its performance was impacted by the write-down of worthless goodwill and high cost of funds.

The bank's loans and advances rose 12 per cent to Sh18.8 billion from Sh16.7 billion.

Going forward, Mr Awori said the lender would consolidate its diversification strategy with a focus on SME lending.

Barclays Bank of Kenya has in the last week sought to calm fears among its customers following news of the planned exit of parent company Barclays PLC from its African operations, with former Barclays CEO Bob Diamond expressing interest in acquiring the subsidiaries outside South Africa.

However, Barclays kept the dividend flows, calming investor jitters with Sh1 a share.