Barclays records profit


BARCLAYS Bank of Zimbabwe Limited has recorded an increase in after tax profit to $3 million for the year ended December 31, 2013 due to growth in net interest income.


After tax profit was $2,1 million in 2012.

In the period under review, net interest income increased to $12,3 million from $7,6 million, impairment losses on loans and advances grew to $712 098 from $532 182, while operating expenses declined to $33,9 million from $34 million in 2012.

Speaking at an analyst briefing in Harare on Wednesday, Barclays managing director George Guvamatanga said income growth at 5,3% was slowed down by the effect of capped charges and commissions, while cost containment and efficiency initiatives continued with the result that overall operating costs for 2013 were kept within the same levels as the prior year.

Guvamatanga said the bank’s strategy had yielded results with pre-tax profit growth of 70% year-on-year.

“Pre-tax profit has maintained a growth trend over the years. We maintain focus on sustainable growth over the long term. The 2013 profit after tax translates to earnings per share of 0,14 cents,” Guvamatanga said.

He said the year under review was characterised by sustained growth in bank lending, a marked improvement in people agenda, diversification of product suite and a strong presence within the community.

“The ability to apply consistent, high quality and strong risk management processes and controls is key to how we do business, in line with our ‘Go-To’ strategy. This strategy saw our loan book grow by 26% as we advanced loans to individuals and businesses across most sectors of the economy,” Guvamatanga said.

“We have maintained our commitment to not only grow our asset book, but to ensure a quality book.”

In the period under review, deposits grew to $248 million in 2013 from $225 million.

Guvamatanga said deposits grew at a cumulative annual growth rate of 15% since dollarisation and has been lower than internal targets, but remained steady.

“In tandem with the general market structure, the bank’s deposits have largely comprised short-term transitory funds with about a third coming from individual customers and the balance from business entities,” Guvamatanga said.

He said loans and advances grew by 26% year-on-year while the impairment losses and provisions for the year translate to a loan loss ratio of 0,6% demonstrating the quality of the bank’s loan portfolio as at the end of 2013.

“The bank still has to improve its cost to income ratio and initiatives are already under way to widen the positive jaws between income and cost levels.

“The high liquidity levels maintained by the bank have been a deliberate measure to ensure that the bank continues to meet customer payments in a timely and efficient manner.” Guvamatanga said.


  1. How did Kasukuwere miss u with his 51% inindijinaizesheni demand policy? u guys must be investigated for corruption!

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  3. The big bank.Keep it up George.Munoziva banking baba kwete mamwe matakanana atiri kuitirwa in our beautiful banking sector.

  4. How much is GraveMatanga’s salary?? I put my hard earned US $ 30 in a savings account in Barclays Bank in 2013, only to come back after three months to told that my SAVINGS had been eroded by bank charges to US $ -2.00. I looked for an explanation around, because i thought saving meant saving that money for later use, and was told NO! in ZIM they charge for saving your money with them. I still cannot figure out what that really means, and ever since i dont take my money to the bank to save because GraveMatanga will take it away from my account. Surely the Bank Charges are meant to sustain Obscene bank executives’ Salaries, and, if not, then the savings that people deposit into their SAVINGS accounts must not vanish but earn an interest. CORRECT me if i am wrong. Vachinamasa titarisireiwo nyaya yema bank charges and find out the justification, i can tell YOU its because Gravematanga’s Barclays has been charged high rates by Zesa, City Of Hre WHO WANT TO PAY THEMSELVES ABSCENE SALARIES,and the bulk of his staff pay heavy medical aid premiums to sustain Cashbert’s Salary, hence Gravematanga UPs his bank charges to cover the abscene overheads that his bank faces and as well pay himself an Obscene SALARY.

    Tiri pa chimbetu veduwee.

  5. 26% loans to which pple when we the monthly depositors r being told Barclays is not granting loans to anybody?God help Zimbabwe

  6. barclays is no giving loans to anybody….some pple saying u should have net salary that is over 500 but those with that salry aint gettin non. Bank charges are way up da throat ………servives are good tho asi pa ma benefits we as customers we nid ’em

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