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Barclays Bank of Kenya announced a profit after tax of Sh 8.4 b for the year ended 31 December 2015.
During the period under review, the bank registered a 16percent growth in net customer assets.
the lender attributed the growth to investments made in new revenue generating streams such as Bancassurance, mortgage and SME saw the bank’s total income grow fourfold compared to the previous year, an endorsement of the bank’s diversification strategy.
This year’s growth was impacted by volatility in the macroeconomic environment as a result of fluctuating interest rates and a weakening shilling which had an effect on the bank’s trading book.
This is in addition to an increase in impairment charges due to external shocks and a reduction in margins due to the rising cost of funds.
“In the last three years, we have invested heavily in new businesses in a move aimed at diversifying our revenue generating streams so that we can wean the business performance from a reliance on cost management.
Whilst it’s still too early for some of these businesses to make a significant impact on our income, they are all showing signs of growth and the bank is therefore confident that they will soon pay off,” said Jeremy Awori, Managing Director, Barclays Bank of Kenya.