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Wednesday, February 21, 2007

Baclays Posts Pre-tax profit of Kshs 5.4 Bn

Barclays posts a pre-tax profit of 5.4bn
Written By:Emmanuel Toili , Posted: Wed, Feb 21, 2007

Barclays Bank of Kenya has announced a pre-tax profit of 6.4 billion shillings for the year ended December 31, 2006.
This is a 19 percent increase from 5.4 billion shillings realized the previous year. Managing Director, Adan Mohamed attributed the increase to new product diversification last year.
In the period under review, the bank managed to increase its branches nationwide to 62 while having 98 operational Automated Teller Machines - ATM.
Mohamed said the bank was working on an improved Personal Identification Number - PIN to enhance security for its customers.
Speaking during the release of the 2006 financial results, Barclays Bank Chairman Francis Okello said the new requirement by the Banking Act to restrict the industry on tariff regulation would adversely affect the industry's growth.
However, Okello said the initiative taken to establish the Credit Reference Bureau will enable the sector manage risks arising from credit lent to customer.

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