Barclays Mozambique profits increase almost 470% in half a year

barclay bank Maputo

According to a Barclays press release cited by O País, profits at Barclays Bank Moçambique increased by approximately 470% in the first six months of this year, with the bank recording net profit of MT349-million between January and June this year, much higher than during financial year 2015.

Barclays Managing Director, Rui Barros, explains that the results are due to the bank’s new strategy of improving its structure, simplifying processes and prioritising innovation and staff training.

Net interest income of the bank stood at MT1.119-million, representing an increase of 57%, the result of a combination of increased volumes and higher interest rates.

Compared to the first half of 2015, deposits increased by about 50%, although foreign exchange operations fell by MT366-million compared to 2015.

Barclays posted a 19% growth in total retail banking income, while the loan portfolio grew by 28% and total deposits decreased by 10% compared to June 2015.

The bank’s business activities grew 132% in this period in total income terms, while Barclays Moçambique deposits grew by 92% and the loan portfolio registered a net decrease of 1%.

Source: O País

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