Barclays Bank gives $40m lines of credit to local unit

HARARE – Barclays Bank Plc will give $40 million in lines of credit to its local unit this month to boost underwriting capacity, after advancing a similar amount last year, an official said.

“We have received lines of credit from within the group and that is because the group has seen opportunities as we have seen them,” Barclays Bank of Zimbabwe chief finance officer Samuel Matsekete told a press briefing after the annual general meeting.

“Last year, it was $40 million. By end of May we might probably double that amount. We are comfortable that we still continue to have the support of the group.”

Managing director George Guvamatanga told shareholders that net interest income for the four months to April was 13% higher than the same period last year.

Non-funded income was subdued, recording a growth of 1%, reflecting constrained growth in transactional activity. While incomes have grown on the back of a low level of non-performing loans, more policy reforms are required to boost economic activity.

— The Source

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