Barclays Bank Ghana says last year it recorded a profit before tax of GH¢202.5million, a figure that is a 34.2 percent jump from the previous GH¢150.8million recorded in 2012.
The bank’s Managing Director, Mrs. Patience Akyianu speaking at Barclays’ annual general meeting, said the impressive out-turn was achieved despite volatility in the exchange rate, interest rate and margins pressure in the year under review.
“Our underlying profitability emanated from impressive income growth, and not merely from impairment releases and savings in costs,†Mrs. Akyianu said.
“We leveraged our local, regional and global expertise to structure and provide award-winning and profitable deals like the Euroget and the NMS/Ministry of Finance deals. These were ground-breaking and we shall continue to partner with government to achieve its developmental, infrastructural and growth agenda throughout and beyond 2014.â€
She said Barclays’ total income grew by 31.2 percent and was driven by significant growth in the total loan book as well as higher yields on government bills and bonds.
The bank’s total assets grew by 18.6 percent to end the year the year at GH¢2,343million. Loans and advances grew by 25% to GH¢993.8million. She attributed the growth to aggressive strategies targetted at increasing the loan book balance.
Despite fierce competition in deposits mobilisation, Barclays managed to increase its customer deposits by 9.5 percent from GH¢1,454.3million to GH¢1,592.4million.
The bank’s operating expenses recorded a 22.0 percent jump as a result of the general increases in inflation, utility and fuel prices; while its growth in impairment is partly indicative of the growth in loans and advances.
According to Mrs. Akyianu, Barclays is targetting balance sheet growth and optimisation in the current financial year. “It is one of our major themes to responsibly grow our liability book in a cost-effective manner. This year, we will intensify the efforts to grow our balance sheet sensibly as we keep a close eye on pricing.â€
Barclays, she added, has renewed its focus on business banking. “The economy needs infrastructure and manufacturing advances, and we are partnering at all levels from SME to the sovereign to drive growth and development in standards.
“We recognise that the SME sector remains the driving force of the economy and we are committed to developing excellence in business, and this is our strategic theme,†she noted.
The bank says it will roll out an enhanced market fixed-income offering to local institutions. “We appreciate the need for a range of products to satisfy a developing market, and we have a range of exciting initiatives planned for 2014.â€
According to Mrs. Akyianu, the bank will continue to pursue growth in the digital-age with cutting-edge technological advances in bringing banking to its clients.
By Richard Annerquaye Abbey | B&FT Online | Ghana
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