Business

Barclays invests K25m in digital platforms

KELLY NJOMBO, Lusaka
BACLAYS Bank Zambia has invested over K25 million in digital platforms to improve business transactions among its customers.
Bank managing director Mizinga Melu said the bank will continue to make significant investments in technology to build a more efficient customer- centric business.

Some of the key digital initiatives the bank has launched include Bank to Wallet, intelligent automated teller machines (ATMs), mobile banking, online banking, point of sale services and electronic-commerce services.

Speaking at a media briefing yesterday, where she announced the Barclays Bank Zambia’s half year results, Ms Melu said the bank will continue to focus on its retail corporate banking performance whilst driving opportunities in business banking.
“Barclays Bank will continue to place priority focus on its retail and corporate banking performance whilst driving opportunities in business banking. Furthermore, the bank will also continue to make significant investments in technology to build a more efficient and customer-centric business. The bank has invested over K25 million in technology and digital platforms,” Ms Melu said.
She said the bank has continued to have sound financial position reflected by its profitability, strong balance sheet and capital position, which remain above regulatory requirements.
Barclays Bank Zambia’s profit before tax grew by 55percent above the half-year of 2016 on account of higher net operating income which increased by 21 percent against expenses which only rose by five percent year on year.
Tax expense increased by 81 percent year on year on account of the higher profit before tax recorded in the first half of 2017 compared to 2016 first-half performance.
“Our headline earnings increased by 42 percent driven by strong earnings growth in savings and current accounts as well as strong growth in corporate and retail banking as well as efficient cost and impairment management. Impairments grew by 12 percent, a position that is lower than industry performance due to close management of bank’s asset book,” Ms Melu said.
She said the cost to income ratio closed at 58 percent due to effective cost management, and the bank’s continued focus on digital channels.
“The results we have achieved today are a testament of the momentum we are creating in becoming the leading bank in Zambia that is committed to supporting the key sectors of the economy such as mining, agriculture, energy, manufacturing and small and medium enterprises,” Ms Melu said.

 

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