Barclays Bank Ghana, has recorded impressive half-year results, with net profit soaring by 408 per cent. The performance, comes on the back of high net interest income, fees and commissions, and two years of losses. Net profit after tax rose from a loss of GH¢8 million recorded for the first half-year of 2009 to GH¢24.6 million by the end of June this year. The Managing Director of the Bank, Mr Benjamin Dabrah, told the Daily Graphic that “we are excited to return to profitability”, adding that the fundamentals behind the profitability are equally impressive. In spite of the fact that the bank over the past two years has not been granting loans, the bank recorded increases in net interest income, as well as fees and commissions. The mix of the income reflects the diversity in the bank’s sources of income, which according to Mr Dabrah, was encouraging. “Total income went up significantly and was on account of the effective positioning of the balance sheet in the light of a declining interest rate environment and also the fact that loans and advances continue to shrink,” he stated. Interest income was up by seven per cent from GH¢96.6 million for the same period 2009 to GH¢103.3 million the end of June 2010. Operating expenses was, however, contained, increasing by only two per cent, while the bank managed to bring down its impairment losses from the June 2009 figure of GH¢35.8 million to GH¢11 million. Mr Dabrah said having achieved this feat, the bank was now focused on customer service delivery and is also financially positioning itself to hit the market with innovative banking products. “We are positioning ourselves in the market as the number one bank for the customer, going forward”, he stated, adding that the bank was going to strongly take its lending to the doorsteps of customers, leveraging on the banks geographic locations. The bank has 92 branches throughout the country, having come to the end of its massive geographic expansion. However, the Managing Director says the bank will still look out for opportunities in bringing its services closer to its customers. On the prospects of the bank going forward, the managing director indicated that the second half of the year looks promising, assuring customers that the bank will refocus its business to deliver customer focused service that will deliver good performance. Mr Dabrah hinted of a new vision of the bank, which he said hinges on customer service and delighting all our stakeholders. The new vision, which is captured as “lives made much easier” is going to be the new driving force of the bank, and will help to deepen customer service to understand the needs of the bank’s customers and deliver to their satisfaction. The bank, therefore, intends to embark on a campaign to support this vision and to drive the message of the new vision of the bank, which is more customer-focused . He acknowledged that with the anticipated decline in yield on government securities, the bank has undertaken innovative strategies including developing new products in its lending business. Source: Daily Graphic/Ghana