Barclays Mozambique profits increase almost 470% in half a year

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Barclays Mozambique profits increase almost 470% in half a year

8:48 CAT | 08 Aug 2016

O País (File photo)

According to a Barclays press release cited by O Pais, profits at Barclays Bank Mozambique increased by about 470 percent in the first six months of this year, with the bank recording net profit of 349 million meticais between January and June this year, much higher than during financial year 2015.

Barclays Managing Director Rui Barros explains that the results are the outcome of 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 1.119 million meticais, representing an increase of 57 percent, the result of a combination of increased volumes and higher interest rates.

Compared to the first half of 2015, deposits increased by about 50 percent, although foreign exchange operations fell by 366 million meticais compared to 2015.

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

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

Source: O País