Barclays profit jumps to Sh4.2 billion, eyes diversification into new revenue streams

Barclays Bank of Kenya (BBK) says its profit after tax grew to Sh4.23 billion from Sh3.73 for the six months period ended June 30, 2014. However, the bank, which posted a 2.4 per cent drop in pre-tax profit during the same period, announced plans to raise Sh4 billion in additional capital by next month.

The bank's profit before tax (PBT) and exceptional items fell to Sh6.11 billion from Sh6.26 billion in a similar period last year. The financial institution which ranks among the oldest banks in the country, however, gained from the isolation of a one-off restructuring cost of Sh788.25 million to record a 13.5 per cent growth in profit after tax.