BARCLAYS MAKES 11.3BN/- PRE-TAX PROFIT

BARCLAYS Bank Tanzania has registered 215 per cent improvement of profit before tax to 11.3bn/- last year from a 9.8bn/- loss in 2016 largely due to revenue growth, decreasing loan loss impairment and stable cost base.

The bank’s income statement for the year ending December 2017 shows that revenue grew by 25 per cent to 83.5bn/-, driven by good performance in foreign dealings and bond trading income as well as balance sheet growth.

Net income after income tax improved to 9.2bn/- in the year under review from a loss position of 8.7bn/- in the previous year due to increase in net interest income to 51.18bn/- from 42.8bn/-.

The non-interest income increased to 36.4bn/- in 2017 compared to 30.6bn/- due to excellent performance in foreign currency dealings and translation gains, fees and commissions.

The impairment for losses declined significantly by 42 per cent to 8.5bn/- compared to 14.7bn/- of the previous period as a result of improved loan portfolio performance in corporate and business banking segments.

The cost of income ratio improved by 17 per cent year on year as a result of improved revenue and stable cost base due to cost containment initiatives by the management resulting in 26.6 per cent reduction in administration and general expenses compared to the preceding year.

DailyNews