Barclays Bank improves performance

Barclays Bank Ghana (BBG) recorded an impressive financial performance in 2013 with its profit before tax growing by 34.2 per cent from GH¢150.8 million in 2012 to GH¢202.5 million at the end of December, last year.

According to the company’s Managing Director, Mrs Patience Akyianu, the bank’s total assets base grew by 18.6 per cent at GH¢2,343.0 million, adding, “Loans and advances grew significantly by 25 per cent to GH¢993.8 million at the end of 2013.”

“This was as a result of aggressive strategies embarked on in 2013 targeted at increasing the loan book balance in the face of intense competition,” she said.

Addressing the stakeholders at the 2014 annual general meeting luncheon in Accra last Wednesday, Mrs Akyianu said “the impressive out-turn was in spite of exchange rate and interest rate margin in 2013.

Other growth areas  

She said the bank’s operating expenses went up by 22.0 per cent as a result of the general increase in inflation and utility and fuel prices experienced in the year, adding that the growth in impairment was partly indicative of the growth in loans and advances.

“Customer deposits grew by 9.5 per cent in a competitively challenging environment from GH¢1,454.3 million in 2012 to GH¢1,592.4 million at the end of 2013,” Mrs Akyianu said.

2014 priorities

She said in the company’s bid to become the biggest and fastest growing bank in Ghana, BBG would focus on some thematic initiatives to drive the achievements of its short-term plan.

She mentioned market leadership in talent development and retention, and ensuring highest standards of service excellence as major key initiatives the bank intended to embark on.

Mrs Akyianu said BBG would also roll out an enhanced market fixed income for its local institutional clients, adding, “We appreciate the need for a range of products to satisfy a developing market and we have a range of exciting products planned for 2014.

“The bank would also renew focus on business banking because we recognise that the SME sector remains the driving force of the economy and we are committed to developing excellence in business banking.”