Barclays doubles profit

Barclays Bank Tanzania has over doubled its net profit in this year’s first quarter to 1.075bn/-, despite an increase in the fund set aide for bad loans and advances.

The banks financial statement shows that the profit increased almost three-fold from 442m/- of January-March 2012 to 1.075bn/-of same period this year, on the back of increased net interest income.

The net income in the said period went up from 7.025bn/- to 8.01bn/- while none income interest slowed down from 7.25bn/- to 7.22bn/-, as fees and commission go down slightly.

The money set aside for impairment losses on loans and advances triple from 729m/- to 2.55bn/- but thanks to austere measures to cut expenses, the bank managed to post a hefty profit in just three months. The expenses were cut from 12.92bn/- to 11.6bn/-.

The non-performing loans have climbed to 33.6bn/- in first quarter compared to 31.52bn/- of the same quarter last year to represent 9.0 per cent of NPLs. The assets in the same first quarter of this year grew from 577.57bn/- to 634.43bn/- mainly attributed to the loan portfolio that reaches 358.93bn/- while deposits reaches 441.78bn/-.
Source: The Daily News reported from Dar es Salaam
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