Barclays Zambia Delivers Strong Performance In 2017

Barclays Zambia Delivers Strong Performance In 2017

Barclays Bank Zambia has recorded a strong performance for the financial year 2017 with profit before tax increasing by 84% from k242million in 2016 to k448million due to improved revenue, costs and impairment positions.

Barclays Bank Zambia Managing Director Mizinga Melu has told Phoenix business in an interview that tax expense increased by 42% from 2016 representing the positive contribution the bank is making to the economy.

And Mrs. Melu says the bank’s headline earnings increased by 116% from k141million in 2016 to k303million on account of improved income and efficient cost and impairment management, whereas the total operating income grew by 21% from k868million in 2016 to k1,057million on account of interest income from increased investment in government securities and quality credit extension.

Meanwhile, Mrs. Melu says the bank has set aside a loan book of k3.3billion for supporting the growth of key sectors of the economy as one of the leading lenders in the country for the year 2018.