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February 24, 2020 - 14:40
Cyprian Is Nyakundi
Front Business

Barclays Transition to ABSA 80 Per cent Complete

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Barclays Bank Kenya (BBK) reports that the transition into Absa is 80 per cent complete and has gobbled up Ksh 910 million.

In nine months to September 30 2019, Barclays Kenya reports that it has invested in technology and brand modernization aimed at enhancing the service experience.

In addition, BBK said,” Over the next few months, there will be the introduction of Absa’s warm and vibrant red colour palette to the branches, ATMs and other assets.”

Profit after tax for Q3 2019 increased by 14 per cent to Ksh 6.17 Billion compared to Ksh 5.43 Billion in Q3-2018.

In addition, the lender’s total assets have increased by 12 per cent in Q3-2019 to hit Ksh360 billion from Ksh 322 billion in Q3-2018.

The lender attributes the performance to a 7 per cent growth in total deposits to Ksh 235 billion from Ksh.220.2 billion in the first three quarters of 2018.

Customer loans and advances for the period grew by 9 per cent to Ksh.194.2 billion with Tmiza lending Ksh17 Billion. Timiza now has a cumulative of 3.8 million customers.

Barclays also reported a 50.9 efficiency ratio driven by revenue growth and a 5 per cent reduction in total costs where there was a 5 per cent drop in operating expenses to Ksh 12.6 Billion.

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