Barclays Bank Uganda records 13% growth in profit in 2018
Barclays Bank Uganda has announced a 13% increase in profit before tax from 86.8bn in 2017 to 97.8bn in 2018. The announcement was made by the bank’s Managing Director, Rakesh Jha, while addressing a media briefing held at the Barclays Head Office in Kampala.
“It was a good year for the bank, where we saw solid growth on the balance sheet, coupled with growth in income. We managed our costs well and the portfolio quality has improved, giving rise to very strong earnings for the bank. As a result, we registered a 13% increase in profit before tax from 86.8bn in 2017 to 97.8bn in 2018,” Rakesh said.
In addition, Barclays Bank Uganda recorded a 6% year-on-year growth in customer deposits, 15% growth in bank assets and an improvement in credit loss ratio from 2.3% to 0.7%.
Customer deposits increased from 1.68 trillion in the year ending 2017 to 1.78 trillion in 2018. The bank’s customer assets also rose to 1.18 trillion in 2018 from 1.03 trillion in 2017.
The Bank attributed the strong performance to the active and effective role it plays in creating opportunities that support the acceleration of financial inclusion. With innovative, first in market financial solutions like powering the Shell EasyGo prepaid card, Barclays ventured outside traditional banking boundaries, thus making financial transactions easier for more people across the country.
“I am excited by recent developments and the opportunities our transition to Absa will present for our customers and the banking industry. We are now a truly African bank with global reach and in a better position to respond to the changing needs to the market while playing a shaping role in our Customers’ and Uganda’s growth story” he added.