Barclays first quarter profit jumps 10pc, helped by increase in interest income

Barclays Bank Kenya’s pre-tax profit for the first quarter rose ten per cent to Sh3.12 billion, helped by an increase in interest income.

Net interest income, or total interest minus interest expenses, rose to Sh5.14 billion from Sh4.76 billion a year before, spurred on by higher lending to customers. The unit of Barclays Plc, said its net loans and advances to customers rose to Sh125.3 billion from Sh116.78 billion. Expenditure on interest rose by more than half to Sh950 million, the bank reported yesterday, to book a slower growth than the 16.99 per cent in a similar period last year. “This was on the back of growth in interest earning assets despite the pressure of declining net interest margins,” the bank said in a statement.