Categories: Stories

Barclays Zimbabwe profit trebles

Barclays Bank Zimbabwe reported a 191 percent increase in net income to $9.5 million in the half-year to June from $3.3 million reported in the comparable period last year on increased income.

Basic earnings per share improved to 0.44 cents from 0.15 cents in the same period in 2016, as all income lines showed improvement on prior year.

Total income rose by 38.6 percent to $35.05 million from $25.3 million achieved in the comparable period last year, driven by growth in both interest and non-interest income.

Net income grew by 15 percent to $10.04 million while non-interest income rose 13 percent to $15.5 million in the same period.

Operating expenses increased to $21.97 million from $20.3 million incurred in the same period last year, owing to higher administration and general expenses.

Total deposits increased to $390.6 million from $280.4 million previously, while loans and advances to customers fell to $113.5 million from $126.5 million recorded in the same period last year.

Core capital as at June stood at $66.9 million.

The central bank has set a $100 million capital threshold by December 2020.

The bank’s liquidity ratio increased to 79 percent from 61 percent last year, above the regulatory limit of 30 percent, while its capital adequacy ratio at 25 percent is above the regulatory limit of 12 percent.

The bank did not declare a dividend.- The Source

(72 VIEWS)

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024