Barclays Zim says H1 profit down 24pct

Barclays Zim says H1 profit down 24pct

HARARE, July 31 (The Source) – The local unit of Barclays Bank Plc’s profit for the half-year to June fell 24 percent $1,3 million from $1,7 million in corresponding period last year on higher operating expenses, the bank reported on Friday.

Despite growth in interest income, operating expenses marginally increased to $19,6 million from $18,4 million in prior year. The bank’s loan loss ratio stood at one percent against an industry average of 14 percent despite growing its loan book. Loans and advances to customers increased to $125 million from $111 million, the bank said.

“The retail book has grown ahead of first half whilst utilization levels for corporate clients have been slightly below targets with some customers rescheduling their projects and managing their own cash flows more tightly,” managing director George Guvamatanga said in a statement accompanying the financials.

Basic earnings per share reduced to 0,06 cents from 0,08 cents. Barclays Bank Zimbabwe is 67.7 percent owned by Barclays Bank Plc.