Barclays Bank Uganda Posts 13% Growth In Profits In 2018

Posted by: lukwago J in Business April 25, 2019

Barclays Bank Uganda has announced a 13% increase in profits before tax from 86.8billion in 2018, the bank’s managing Director Rajesh Jha has revealed.

“it was a good year for the bank where we saw solid growth on the balance sheet, coupled with growth in come .we managed our costs well and portfolio quality has improved giving rise to very strong earnings for the bank. As a result we reiftered a13% increase in profits before tax from 86.8billion to 97.8billiojn in 2018,’ Rajesh said.

Barclays bank also recorded a 6% year on year growth in customer deposits, 15% growth in bank assets and an improvement in credit loss from 2.3% to 0.7%.

Rajesh also said customer deposits increased from 1.68triooln in the year ending 2017 to 1.78trioon in 2018 while bank customer assets rose to 1.18trilion from 1.03trilion in 2017.

Rajesh attributed the growth to innovations and usage of digitalization systems in reaching customers’ needs.

However Steven odongo Opio Barclays bank executive director says he is optimistic that with banks transition to Absa they will exploit of digitalization model to reach more customers this coming years.

“am excited by recent development and opportunities our transition to Absa will present for our customers and the banking industry .we are a truly African bank with global reach and in better position to respond to the changing needs to the market while playing shaping role in our customers and Uganda’s growth story, “he said.

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