Jeremy Awori, Barclays Kenya managing director.[Photo/Nation]
Barclays Kenya has embarked on a cost cutting initive through innovation and digitisation of operations.
This comes after the company's net profit declined by 12 per cent to Sh5.3 billion in the first nine months of the year.
“Our innovation and digitisation agenda is in top gear and is aimed at moving the bulk of transactions to channels such as mobile banking, Internet banking and agency banking. Non branch transactions stood at 64 per cent up from 45 per cent as at close of 2016,” said Jeremy Awori the country managing director.
“We continue to manage our costs with a number of running initiatives to create efficiencies. Top of these initiatives include automation of our processing centres, investment in alternative channels and branch rationalisation programmes,” he added.
Awori also attributed the drop to the long electioneering period.
“We are however optimistic that both of these situations will be resolved soon,” Mr Awori said.