Barclays Bank, one of Kenya’s biggest banks, has retained an interim dividend of Sh0.20 per share despite a 13 percent dip in profits.
The Kenyan lender posted a Sh3.54 billion profit after tax in the six months to June 2017, as compared to Sh4.08 billion posted during the same period last year.
According to reports from Business Daily Africa, the lender’s profitability was weighed down by lower interest income as the rate cap regime narrowed the lender’s revenue from loans.
However, Chief executive Jeremy Awori said the performance was a reflection of a “challenging operating environment that is largely characterised by tough macroeconomic conditions and the effects of the new interest rates law”.
Despite this, the Bank’s shareholders will earn Sh1.08 billion in dividends, a similar amount to what Barclay’s paid out in the first half of 2016.