Kenya

It may be the biggest and most profitable bank in the country but Barclays Bank of Kenya continues to grow its business and innovate in better ways than its competitors. The judges noted several new products in response to changing customer demands; enhancement of delivery channels, including more ATMs; better segmentation, offering different customers tailored services; and outsourcing of non-core activities and centralising similar activities.

The net result was 9% increase in profits to 3.7bn Kenyan shillings ($48.6m). Assets were up 10% to 106bn shillings while the cost-to-income ratio dipped to 43%, from 47% a year ago. Extra shine on 2004’s results included a improvement on the NPL ratio to 13%, from 15%.

Best of all, the bank lifted ROE from 165% to 180%. Though the earning contribution to the Barclays worldwide group may be small, it still represents a very profitable toehold in this East African market.

“We are a robust, innovative and pro-active bank that has managed to satisfy the varied needs of shareholders, customers and employees by managing for value creation and instituting effective controls and governance measures,” says Simon Peter Ole Nkeri, head of planning and performance management at the bank.