Browsing: Barclays PLC

Barclays Bank Kenya has registered a flat growth in profit for the first quarter of 2019 as ongoing rebranding to Absa continues to impact its balance sheet.The Nairobi Securities Exchange (NSE) listed bank has reported a Ksh1.89 billion net profit for the period under review, a marginal 0.5 per cent growth compared to Ksh1.88billion posted in a similar period last year. The separation of Barclays Africa Group from Barclays PLC are expected to have an impact on Barclays Kenya’s financial results over the next two years as it invests in systems required to be separated.

Barclays Q1 profit flat as transition to Absa gains momentum

Banking

Barclays Bank (Kenya) has registered a flat growth in profit for the first quarter of 2019 as ongoing rebranding to Absa continues to impact its balance sheet.

The Nairobi Securities Exchange (NSE) listed lender has reported a Ksh1.89 billion (US$18.7million) net profit for the period under review, a marginal 0.5 per cent growth compared to Ksh1.88billion (US$18.6million) posted in a similar period last year.

READ:Barclays Bank Q1 profit up 8% despite squeeze on loan book

This is despite gains on interest earnings and reduced expenses during the quarter.

Quarterly results published through the NSE shows total interest income edged up 7.2 per cent to close at Ksh7.4 billion (US$73million), compared to Ksh6.9 billion (US$68million) posted in Q1 of 2018.

Interest income from loans and advances to customers was Ksh5.4 billion, a 3.8 per cent up from Ksh5.2 billion in a corresponding period last year.

That from government securities and …