Barclays Bank Record Profit Surge

Barclays Bank says it has recorded a surge in its first half of the 2017 period in profits.

The bank says it has continued to record an upward growth in its year-on -year Net Profit Before Tax which it says has hit 55%(percent) which is above the profit margin in Barclays Bank record profit surge

Barclays Bank says it has recorded a surge in its first half of the 2017 period in profits.

The bank says it has continued to record an upward growth in its year-on -year Net Profit Before Tax which it says has hit 55% which is above the profit margin in 2016 for the same period.

In a statement to the media, Barclays Bank Zambia Managing Director, Mizinga Melu, noted that the Banks headline earnings increased by 42% on account of improved income and efficient cost and impairment management.

She further attributed the growth in operating income, Profit Before Tax to the Bank’s significant investment in vital economic sectors such as Mining, Energy, Agriculture, Manufacturing andJ SMEs.

She further gave an outline on some of the Bank’s highlight in earnings.

“The Bank’s Profit Before Tax grew by 55% above the first half year of 2016; Net Operating Income grew by 21%, Tax Expense increased by 81% , Headline Earnings increased by 42%. These were driven by strong earnings growth in Savings and Current Accounts as well as strong growth in corporate and retail banking as well as efficient cost and impairment management, ” the statement read in part.

Mrs Melu further stated that Barclays Bank will continue to place priority focus on its retail and Corporate Banking performance.

“The Bank will also continue to make significant investments in technology in order to build a more efficient and Customer centric business,” she said.

She said that to date Barclays Bank has invested more than K25 million in digital platforms such as Bank-to-Wallet through partnership with Network providers so that its customers could access funds without need to have a branch network; the Intelligent ATMs which allow for cash deposits and purchase of airtime; Mobile banking which allows for customers to do banking at the tip of their phones; the Online Banking Application which enables customers to transact via internet etc.

She added that the results that Barclays had achieved thus far are as a result of the momentum which the bank has created through its commitment to supporting the key sectors of the economy such as agriculture, mining, energy and manufacturing.

Ms Melu said Barclays Bank was committed to making a positiveShares contribution in the communities it operates through what it terms as “Shared Growth Citizenship Agenda ” that it says has three focus pillars namely: Education and Skills, Entrepreneurship Skills and Financial Inclusion among others for the same period.

Melu, noted that the Banks headline earnings increased by 42% on account of improved income and efficient cost and impairment management.

She further attributed the growth in operating income, Profit Before Tax to the Bank’s significant investment in vital economic sectors such as Mining, Energy, Agriculture, Manufacturing and SMEs.

She further gave an outline on some of the Bank’s highlight in earnings.

“The Bank’s Profit Before Tax grew by 55% above the first half year of 2016; Net Operating Income grew by 21%, Tax Expense increased by 81% , Headline Earnings increased by 42%. These were driven by strong earnings growth in Savings and Current Accounts as well as strong growth in corporate and retail banking as well as efficient cost and impairment management, ” the statement read in part.

Mrs Melu further stated that Barclays Bank will continue to place priority focus on its retail and Corporate Banking performance.

“The Bank will also continue to make significant investments in technology in order to build a more efficient and Customer centric business,” she said.

She said that to date Barclays Bank has invested more than K25 million in digital platforms such as Bank-to-Wallet through partnership with Network providers so that its customers could access funds without need to have a branch network; the Intelligent ATMs which allow for cash deposits and purchase of airtime; Mobile banking which allows for customers to do banking at the tip of their phones; the Online Banking Application which enables customers to transact via internet etc.

She also added that the results that Barclays had achieved thus far are as a result of the momentum which the bank has created through its commitment to supporting the key sectors of the economy such as agriculture, mining, energy and manufacturing.

She also said that Barclays Bank was committed to making a positive contribution in the communities it operates through what it terms as “Shared Growth Citizenship Agenda ” that it says has three focus pillars namely: Education and Skills, Entrepreneurship Skills and Financial Inclusion among others