Bloomberg News

Barclays Bank Kenya Third-Quarter Profit Rises as Costs Fall

November 02, 2011

(Updates with earnings per share in second paragraph.)

Nov. 2 (Bloomberg) -- Barclays Bank of Kenya Ltd., Kenya’s biggest lender by market value, said third-quarter profit rose 11 percent on cost-cutting.

Net income climbed to 6.11 billion shillings ($62.6 million), or 1.93 shillings per share, from 5.49 billion shillings, or 1.73 shillings per share, a year earlier, the Nairobi-based bank said in a statement published in the Standard newspaper today.

Operating expenses fell 16 percent to 10.7 billion shillings. Net interest income dropped to 12 billion shillings from 12.1 billion shillings, the bank said.

The company’s shares fell for the first session in nine, dropping 1 percent, or 15 cents, to 15 shillings, as of 9:45 a.m. in Nairobi.

Kenya bank assets rose 5.3 percent to 2 trillion shillings in the third quarter, the Central Bank of Kenya said in a statement on its website on Oct. 28.

--Editors: James Kraus, Ana Monteiro

To contact the reporters on this story: Sarah McGregor in Nairobi at smcgregor5@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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