The decline is attributable to a reduction in revenue (Photo/newkenyan.com)
Barclays Bank of Kenya (BBK) has recorded a 13 percent decline in the first six months of 2017 compared to the previous year, Capital Fm reports.
The bank on Tuesday said its pretax profit fell from 12 percent to 5.15 billion shillings in the first half of the year, where it posted Sh3.5 billion in net profit in the period ended June 30, 2017, compared to Sh4 billion same period last year.
The decline is attributable to a reduction in revenue as total interest income reduced by Sh766 million in the period under review to hit Sh13.1billion from Sh13.9 billion recorded same period last year amid an interest rate capping regime.
Non Interest income also recorded a 14 percent decline in the period under review to post Sh4.3billion from Sh5.1 billion same period last year.
Loans and advances went up to Sh163.7 billion up from Sh153.3 billion representing a 6 percent increase while customer deposits hit Sh188.6 billion up from Sh182.8 billion.
Total Assets stood at Sh268 billion.
“The board of directors has resolved to declare an interim dividend of for the year 2017 of Sh0.20 per ordinary share of the company to be paid on or about Friday, 13 October 2017 to shareholders registered at close of business on Friday 8, September, 2017,” Management said.