Tue, 13 Feb 2018 09:50:45 +0000
By BUUMBA CHIMBULU
BARCLAYS Bank Zambia has announced that its total loan book currently stands at K3.3 billion and has since pledged to continue investing in key sectors of the economy this year.
And the bank has announced that it has recorded an increase in profit before tax (PBT) which went up by 84 percent in 2017.
In announcing the performance results, Barclays Bank Zambia managing director, Mizinga Melu, emphasised that the institution would this year continue to invest in key economic sectors such as manufacturing and agriculture.
Ms. Melu also said the institution would also continue to place priority focus on its retail and corporate banking performance, whilst driving opportunities in business banking.
“The bank continues to have a sound financial position reflected by its profitability, strong balance sheet and capital position which remains above regulatory requirements,
“Furthermore, the bank will also continue to make significant investments in technology in order to build a more efficient and customer centric business,” she said.
Meanwhile, Ms. Melu disclosed that the institution’s PBT increased by 84 percent to K448 million from K242 million in 2016 to due to improved revenue, costs and impairment positions.
Ms. Melu also said headline earnings increased by 116 percent to K303 million from K141 million in 2016 on account of improved income.
“The results we have achieved today reflect the hard work we have invested to become a market leader backed by the unwavering support of our customers to whom we are very thankful,
“Throughout 2017, we made significant progress in providing innovative banking solutions that offer our customers the convenience to transact anywhere and anytime,” she said.
Ms. Melu further said total operating income grew by 21 percent to K1057 million from K868 million recorded in 2016 on account of interest income from increased investment in Government securities and quality credit extension
She also said impairment reduced by 89 percent to K9 million from K82 million in 2016, a position that was lower than industry performance due to close customer engagement and proactive monitoring of the bank’s asset book.