Barclays profits plunge again

Friday, September 19, 2014

Barclays Bank new headquarters in the CBD PIC: THALEFANG CHARLES

Barclays Bank of Botswana’s Profit After Tax (PAT) has tumbled for the third reporting period in a row with management attributing the poor performance to current low interest rates. The bank reported that its profit after tax fell by 35 percent to P123 million in the six months to June 2014.

In its interim financial results for the period ended 30 June 2014, Barclays stated that its loans and advances grew by 17 percent while total income decreased by 6 percent to P608 million. The bank’s operating costs increased by 10 percent to P347 million.

Barclays’ poor performance sticks out among the top three commercial banks. First National Bank Botswana (FNBB) reported a strong set of results for the year ended June 2014 with PAT rising by three percent.

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