Barclays Zimbabwe profit down 24 percent

The local unit of Barclays Bank Plc’s profit for the half-year to June fell 24 percent to $1.3 million from $1.7 million in corresponding period last year on higher operating expenses, the bank reported on Friday.

Despite growth in interest income, operating expenses marginally increased to $19.6 million from $18.4 million in prior year.

The bank’s loan loss ratio stood at one percent against an industry average of 14 percent despite growing its loan book.

Loans and advances to customers increased to $125 million from $111 million, the bank said.

“The retail book has grown ahead of first half whilst utilization levels for corporate clients have been slightly below targets with some customers rescheduling their projects and managing their own cash flows more tightly,” managing director George Guvamatanga said in a statement accompanying the financials.

Basic earnings per share reduced to 0.06 cents from 0.08 cents.

Barclays Bank Zimbabwe is 67.7 percent owned by Barclays Bank Plc.-The Source

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