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Barclays reports a profit of KSh. 6.2 bn

BarclaysBarclays Bank has bucked the big four trend to report a single digit growth in profitability for the nine months to September 2012.

Barclays
reported a KSh. 6.2 billion profit after tax in the third quarter of the year, as compared to KSh. 6.1 billion in the same period last year, representing a 2 per cent growth.

The total interest income grew up by 23 per cent to KSh. 15.1 billion from KSh.12 billion reported in 2011 while its total operating expenses rose by 4 per cent to KSh. 11.1 billion.

Comparatively, the Kenya Commercial Bank recorded a 45.3 per cent jump in after-tax profit to KSh. 9.3 billion for the period on the back of improved interest income and a strong performance by its regional subsidiaries while Equity Bank registered a 13.8 per cent profit rise to KSh. 8.3 billion in the period.

In a report compiled by the industry regulator, it says that commercial banks have reported a 23 per cent growth in profitability that has gone up to KSh. 80.8 billion in the first nine months, earned from high interest rates charged on loans.

The report also showed that the cumulative pre-tax profits for the industry was KSh. 80.8 billion for the quarter ended September 30, 2012, which was KSh. 15.5 billion more than what it earned in the previous year.

The banking sector’s profits before tax for the nine months till September 2011 stood at KSh. 65.3 billion.

This indicates that the sector will cross last year’s profits before taxation which was KSh. 89.5 billion for the full year ended December 2011.

The report from the Central Bank showed that in the performance for the quarter to quarter, the sector’s profitability declined by 3.2 per cent from KSh. 28.5 billion earned in the second quarter to KSh. 27.6 billion in the three months of the third quarter of 2012.

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