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RADP / Pulse Ghana  >  news  >  business

Barclays Bank Ghana made GH¢386m in profits in 2017

Magdalene Teiko Larnyoh

Comparing this performance to the previous year, the bank's profit went up by about 82 million cedis. The bank recorded a profit of 304.53 million cedis recorded in 2016.

The Finance Director at Barclays Bank Ghana, Antoinette Kwofie said they are optimistic about sustaining this growth and contribution to the new ABSA brand from this year onwards.

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Antoinette Kwofie also explained the reasons accounting for the bank’s performance.

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In 2017 also, the bank’s income such as interests on loans, as well as fees and commissions charged for use of ATMs for instance, went up 887.29 million cedis in 2017.

The bank also spent a bit more on its expenditure including income taxes as well as personnel expenses in 2017.

Total expenses amounted to 337 million cedis in 2017 against the 291.79 million cedis recorded in the preceding year (2016).

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She said the improved efficiency of the bank led to the profitability.

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“This year you will see a growth of 12.7 percent; between 2015 and 2016, you see a higher year on year growth compared to this figure. So the operational efficiency that we are putting in place to deliver better value to the customers and also to keep our cost within a manageable range is what is leading to the declining growth,” she stated.

Also, weighing Barclays Bank’s assets against its liability, which is the capital adequacy ratio, stood at 20.45 percent against 19.04 percent in 2016.

Meanwhile, the Non-Performing Loan ratio stood at 13.6 percent compared to 19.17 percent.

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Magdalene Teiko Larnyoh Magdalene Teiko Larnyoh A feminist at heart and a lover of art. She loves to write on business, politics and health.

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