EFE Securities •

10 years ago •

Company Papers

Barclays Bank of Zimbabwe 2013 Full year Results Review

Barclays maintained its steady growth in financial performance in the year to December 2013 anchored on its “safe†banking model premised on conservative lending. Net interest income for the group jumped 61% to $12.3m while non-funded income fell 9% to $27.2m. The result was a 5% improvement in group total income for the period to $38.8m. Operating expenses were relatively flat only shedding -0.45% and closing at $33.9m and thus an operating profit of $4.9m. Profits from a joint venture operation of $295,225 saw the group close with a before tax profits of $5.2m from which an income tax charge of $2.2m was exacted to leave them with a PAT of $3.0m (Basic EPS 0.14c). Their balance sheet stood at $307.8m being a growth of 9.3% from last year. Loans and advances closed the year at $117.7m up 26% on prior year while deposits gained 10% to $247.9m relative to last year.