Barclays profit up 83 percent
By Ndafadza Madanha
BARCLAYS recorded an 83 percent jump to US$19.8M in profit after tax spurred by net interest income and non funded income.
Net Interest income was up 17 percent and non funded income rose by 26 percent owing to transactional volume growth.
“The period under review reflects financials buttressed by strong revenue growth led by treasury income which grew by 55 percent. Interest earning assets grew by 10 percent whilst fees and commissions grew by 13 percent year on year, largely from volume on card transactions and electronic transfers. Diversification of revenue stream, the growth of quality loan book and enhanced transaction areas were areas of main focus during the year and will continue to be prioritized in 2018 going forward,” said Barclays managing director Sam Matsekete.
Total income grew by 23 percent while deposits were up by 13 percent on prior year.
Matsekete said 2017 witnessed the increase in use of digital platforms as the cash shortages continued to bite.
He said the acquisition of the local Barclays unit by FMB Capital Malawi had not affected operations or relations with its customers.