Barclays Bank of Kenya, the country’s fifth largest lender by market share posted a 13.45 per cent decline in after-tax profits, the bank reported yesterday.
As at June 30, the lender’s net profit stood at Sh3.5 billion compared to Sh4.09 billion in the same period 2016.
The bank said that the performance was impacted by a 4.96 per cent decline in net interest income to Sh10.54 billion from Sh11.09 billion during the same period last year.
During the period under review gross non-performing loans jumped 36.87 per cent to Sh11.9 billion from Sh8.76 billion resulting in a 37.14 per cent growth in loan loss provisions to Sh4.98 billion from Sh3.85 billion last year.
In May last year, parent company Barclays PLC of London released 12 per cent of its stake in the market and agreed to pay Barclays Africa nearly $988 million (about Sh102.51 billion) to fund the firm’s split from its African business.