Increased lending boost Barclays profits

Spread This News

BARCLAYS Bank of Zimbabwe has reported an after tax  profit  of $3 million for the full year to December 31 2013 compared to $2,1 million recorded in prior year driven by growth in net interest income.
Net interest income was up 61 percent to $12,3 million as gross loans and advances to customers increased by 26 percent to $117,7 million  as the bank adopted an aggressive lending approach on the back of liquidity constraints besetting the economy.
“The year under review was characterised by sustained growth in our lending, a marked improvement in our people agenda, diversification of our product suite and a strong presence within the community.
Our strategy has yielded results with a pretax profit growth of 70 percent,” said chairman Anthony Mandiwanza in a statement accompanying the financials.
Total income was up five percent to $38,8 million. Non-funded income was down nine percent to $27,2 million. Operating expenses marginally declined to $33,9 million from $34 million.
During the period under review, deposits rose to $247,9 million, representing a 10 percent growth.Advertisement