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01.04.2019 Business & Finance

Barclays Bank Records 35% Growth

By Staff Writer
Barclays Bank Records 35% Growth

Barclays Bank Ghana, a member of Absa Group, recorded an impressive growth of support to its customers and businesses during 2018.

This was announced in the bank’s 2018 financial results released March 28, 2019.

According to Barclays, it increased its loans and advances to customers to the tune of GH¢3,125 million last year which represented a growth rate of 35%.

This is as a result of the bank’s believe in providing financial support to Ghanaian businesses including SMEs to stimulate economic growth.

Speaking to journalists after announcing its 2018 financial results, the Managing Director of Barclays Bank Ghana, Mrs Abena Osei-Poku said, “The bank achieved an increase in customer loans and advances by 35% translating into GH¢3,125 million in 2018; with deposits recording 49% growth.”

According to Mrs Osei-Poku, the bank’s Net Interest Income grew 22% from GHS 531 million to GH¢651 million.

"Behind these impressive results have been our growth strategy driven by our dedicated and hard-working employees as well as the confidence of our loyal customers in our exceptional products and services,” she added.

For Barclays Bank Ghana, 2018 was a year of significant transitions. The bank continued with its separation from Barclays PLC to Absa and saw a change in leadership in an era of important reforms in the banking industry. “2018 has demonstrated our resilience and ability to consistently deliver in an ever-changing environment,” she said.

In 2019, the bank indicated that it is focusing on growth, transformation and building positive momentum. “We will remain a trustworthy partner and relentlessly pursue mutually beneficial growth opportunities to help all our stakeholders realize their possibilities. We will become the leading bank in Ghana that you and the whole of Ghana will be proud of,” Mrs Osei-Poku assured.

Barclays Bank Ghana is expected to complete its transition into Absa in February 2020 after all regulatory approvals.